Apple Cuts iPhone Prices in China Due to Tough Competition
Apple Drops iPhone Prices in China to Navigate Intense Market Challenges
Apple is giving discounts on its iPhones in China, reducing prices by up to 500 yuan ($70) to compete better in the world's largest smartphone market.
The U.S. tech giant lowered prices on some iPhones by 5%, according to its Chinese website. This discount, part of a Lunar New Year event, will be available from Jan. 18 to Jan. 21, leading up to the holiday in mid-February.
Sales of Apple's latest iPhone 15 series have not performed well compared to previous models in China. Local competitors like Huawei and Xiaomi are offering competitive alternatives. Some companies and government departments are reportedly limiting the use of Apple devices, similar to U.S. restrictions on Chinese apps for security reasons.
Chinese iPhone sales dropped by 30% in the first week of 2024 compared to the same period last year, according to Jefferies analysts. Sales fell by 3% for all of 2023, and analysts expect increased competition this year.
It's noteworthy that Apple hasn't cut iPhone prices for several years. This decision comes after Apple surprised the market by not increasing prices for the iPhone 15 series during its September launch.
Online shopping platforms, including Pinduoduo, have also slashed prices of the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year. Apple has not responded to requests for comment.