Investing
Apple offers iPhone 15 at rare discount in China as competition intensifies
© Reuters. FILE PHOTO: People look at the new iPhone 15 Pro as Apple’s new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo
By Josh Ye
HONG KONG (Reuters) -Apple is offering rare discounts on its iPhones in China, cutting retail prices by as much as 500 yuan ($70) amid growing competitive pressure in the world’s biggest smartphone market.
The U.S. tech giant cut prices of some iPhones by 5%, its Chinese website showed on Monday. The time-limited promotion, branded as a Lunar New Year event, will last from Jan. 18 through Jan. 21 in a lead-up to the holiday in mid-February.
Sales of Apple (NASDAQ:)’s latest iPhone 15 series of handsets have been far worse than previous models in China.
Home-grown rivals such as Huawei Technologies and Xiaomi (OTC:) offer competitive models, while sources have said some companies and government departments have been limiting staffers’ use of Apple devices – mirroring U.S. government restrictions of Chinese apps on security grounds.
Chinese iPhone sales dropped 30% in the first week of 2024 versus the same period a year earlier, Jefferies analysts said in a client note, having fallen 3% for all of 2023. Analysts expect the competitive landscape to get tougher this year.
Apple has not cut prices for its latest iPhones in years. The cuts come after it surprised the market by not raising prices for the iPhone 15 series at its September launch.
Online shopping platforms including Pinduoduo (NASDAQ:) have been slashing prices of the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year.
Nicole Peng, senior vice president of market research firm Canalys, said the discounts did not come as a surprise as Apple is under pressure to boost sales globally, and especially in China, amid intensifying competition and Apple fans’ growing reluctance to upgrade.
“It is clear that Huawei is making a comeback,” Peng said, “Some Chinese consumers may return to using Huawei as driven by patriotism.”
Canalys expects Apple sales this year to stay flat worldwide while suffering a slight decline in China.
Apple did not respond to a request for comment.
Read the full article here
-
Side Hustles6 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Investing6 days ago
How I Transformed My Business by Letting Go of Low-Value Tasks
-
Make Money6 days ago
Here’s the Typical American’s Income at Every Age. How Do You Compare?
-
Investing6 days ago
Germany stocks lower at close of trade; DAX down 0.65% By Investing.com
-
Passive Income4 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles4 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles3 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles5 days ago
How to Develop Empowered Leaders Within Your Own Team