Audio By Carbonatix
Two major Chinese retailers have slashed prices on Apple Inc.’s latest iPhones, an unusual move that underscores how demand for the marquee device is flagging in the world’s largest smartphone market.
Top chain Suning Commerce Group Ltd. promoted a 128GB iPhone XR for 5,799 yuan ($860) on Friday, 17 percent cheaper than the price on Apple’s own website. JD.com, China’s largest online electronics retailer, was offering the same model for 6,099 yuan, which is 900 yuan cheaper than the official price.
Apple discourages retailers from discounting iPhones and such reductions are rare so soon after their release, with the lower prices coming just four months after the models were unveiled.
The price cuts come about a week after Apple lowered its revenue outlook for the first time in almost two decades, citing weaker demand in China. That in turn stoked concerns not just about the health of the consumer electronics market but also a faster-than-expected slowdown of the world’s second-largest economy.
“Such a huge price cut at this time, a non-shopping festival period, seems unusual,” said Jia Mo, an analyst with Canalys. The price cuts likely came from distributors of Apple products, which Canalys estimates sells a quarter of all iPhones in China. “It could be the distributors want to promote their iPhone stock during the Chinese New Year shopping season.”
An Apple spokeswoman didn’t respond to requests for comment.
Apple’s iPhones have failed to excite Chinese consumers because of their lofty price tags and stiff competition from the likes of Huawei Technologies Co. The iPhone XR in particular, the cheapest of Apple’s latest line-up, is thought to have fallen flat with consumers.
“Cutting the price of devices so soon could hurt Apple’s premium brand image,” Jia said. “It would also hurt core users that just bought these devices at the original prices.”
Latest Stories
-
Rotary International President visits Ghana to commission key development projects
8 seconds -
Investigative journalism must be impactful not destructive — Charles Osei Asibey
11 minutes -
Daily Insight for CEOs: Talent utilisation and capability deployment
12 minutes -
Act now on cocoa sector challenges—Busia Institute urges govt
32 minutes -
NPP will not resort to money to win Ayawaso East — Evans Nimako
41 minutes -
Death in Detention: Suspected Killings in Ghana’s Police Custody [Part One]
48 minutes -
Ghana urged to include entrepreneurship in basic, SHS curricula
49 minutes -
Time is of the essence, conscience is optional with two parties and one by-election
50 minutes -
NPP confident of Ayawaso East victory — Evans Nimako
53 minutes -
South African farmers count mounting losses as foot-and-mouth disease rages
53 minutes -
National masqueraders and fancy dress Federation: Turning Ghana’s carnival culture into a global business and tourism brand
1 hour -
JoyNews to host national dialogue on district assemblies’ role in galamsey fight today
1 hour -
Three Eastern region SHSs barred from competitions, fined for hooliganism damage
1 hour -
Opponents Watch: England announce two pre-World Cup friendlies
1 hour -
Fight against galamsey will fail without tracking gold buyers – Zaato
1 hour
