Apple has offered rare discounts on its iPhones in China, slashing retail prices by as much as 500 yuan ($70) amid growing competitive pressures in the world's largest smartphone market, writes UNN citing Reuters.
Details
The U.S. tech giant has slashed prices on some iPhones by 5%, its Chinese website said Monday. The limited-time promotion, dubbed Lunar New Year, will run from Jan. 18 to 21 ahead of the mid-February holiday.
Sales of Apple's latest iPhone 15 series of phones in China have been much worse than previous models.
Domestic rivals such as Huawei Technologies and Xiaomi offer competitive models, while sources say some companies and government agencies are restricting employee use of Apple devices, mirroring U.S. government restrictions on Chinese apps, due to security concerns.
iPhone sales in China fell 30% in the first week of 2024 from the same period a year earlier, Jefferies analysts said in a note to clients, a drop of 3% for the full year 2023. Analysts expect the competitive environment to get tougher this year.
Online shopping platforms including Pinduoduo have slashed the prices of the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year.
Nicole Pan, senior vice president at research firm Canalys, said the discounts were not a surprise as Apple is under pressure to boost sales globally, and especially in China, amid increased competition and a growing reluctance among Apple fans to upgrade.
Canalys expects Apple's sales to remain flat globally this year, although there will be a slight decline in China.
Supplement
Apple is noted to have not lowered the prices of its latest iPhones for years. The change comes after the company surprised the market by not raising the price of the iPhone 15 series at its September launch.
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