Don't forget that the iPhone 12 Mini currently has a competitor: the iPhone SE2 which is $300 cheaper. Consumers shopping for small phones would definitely get the SE. And many people I know who waited for smaller phone have already bought the iPhone SE2 (because it's released 6 months earlier) even those who were Android users in the past. So yes, small phones still have a big market if you include iPhone SE2 in the benchmark together with the iPhone 12 mini.