Friday, May 24, 2024

iPhone Prices Slashed Amid Growing Market Challenges

Apple is rolling out rare discounts on its iPhones in China, slashing retail prices by up to 500 yuan ($70) as it grapples with intensified competition in the world's largest smartphone market.

The US tech giant has implemented a 5% price reduction on select iPhones, according to its Chinese website, marking a time-limited Lunar New Year promotion from Jan. 18 to Jan. 21, leading up to the holiday in mid-February.

- Advertisement -

The move comes as sales of Apple's latest iPhone 15 series have faced significant challenges in China, with homegrown rivals like Huawei Technologies and Xiaomi offering compelling alternatives. Concerns have also been raised over some companies and government entities restricting the use of Apple devices, mirroring U.S. government measures against Chinese apps for security reasons.

Jefferies analysts noted a 30% drop in Chinese iPhone sales in the first week of 2024 compared to the same period in the previous year, following a 3% decline throughout 2023. Analysts anticipate a more challenging competitive landscape for Apple in China this year.

This pricing adjustment is a departure from Apple's longstanding strategy, as the company has refrained from cutting prices for its latest iPhones for years. The decision comes on the heels of Apple's surprising move to maintain prices for the iPhone 15 series during its September launch.

Online shopping platforms, including Pinduoduo, have been independently reducing iPhone 15 and iPhone 15 Pro prices by up to 16% since the beginning of the year, reflecting the broader trend in the market.

- Advertisement -

Nicole Peng, Senior Vice President of market research firm Canalys, commented that these discounts are not unexpected, considering Apple's global sales pressure and the evolving consumer sentiment in China. The resurgence of Huawei, driven by patriotism, poses a challenge for Apple, and Canalys predicts flat global sales for Apple this year with a slight decline in China.

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

For the most recent updates, don't forget to follow us on Twitter @Headline_pk. You can also find us on Facebook, Instagram, and YouTube.

 

 

Izaan Zubair
Izaan Zubair
With a passion and curiosity for technology, Izaan is a seasoned writer with four years of experience. His expertise lies in translating complex tech updates into engaging stories. Beyond technology, Izaan keeps a finger on the pulse of worldly news, crafting exclusive narratives that inform and inspire his readers.
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Latest stories

-Advertisement-

Highlights of the Week
Related

Extreme Heatwave to Continue in Pakistan, Authorities Issue Health Advisory

The Pakistan Meteorological Department (PMD) warned on Thursday that...

FPCCI Communications & PR Committee Inaugurates New Term, Appoints Imran Rana as Secretary

The FPCCI Standing Committee on Communications & PR convened...

PUBG MOBILE announces exciting new features in the latest Version 3.2 Update

PUBG MOBILE, one of the world’s most popular mobile...

SC Issues Show-Cause, Summons Vawda and Kamal Over Anti-Judiciary Statements

A three-member Supreme Court bench has summoned Senator Faisal...
-Advertisement-