Gadgets

Apple Reduces Prices On The iPhone 15 In China With An Unusual Discount.

By - 16 Jan 2024 05:17 PM

Hong Kong: In response to increasing competitive pressure in the largest smartphone market in the world, Apple is offering unusual discounts on its iPhones in China, slashing retail prices by as much as 500 yuan ($70).

On Monday, the US tech giant's Chinese website displayed a 5% price reduction on select iPhone models. The time-limited promotion, branded as a Lunar New Year event, will last from January 18 through January 21 in a lead-up to the holiday in mid-February.

In China, sales of Apple's most recent iPhone 15 series of phones have been significantly lower than those of earlier models.Local competitors like Xiaomi and Huawei Technologies provide competitive models, and according to sources, some businesses and government agencies have been restricting employees' use of Apple devices, which is similar to the US government's ban on Chinese apps due to security concerns.

According to a client note from Jefferies analysts, Chinese iPhone sales fell 30% in the first week of 2024 compared to the same period the previous year. Sales had already decreased 3% for the entire year of 2023. Analysts predict that this year will see more competition.

For years, Apple has not lowered the cost of its most recent iPhone models. The cuts come after it surprised the market by not raising prices for the iPhone 15 series at its September launch.