⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Retailers offering discounts on high-end iPhones in China

Published 02/05/2023, 10:56 PM
Updated 02/05/2023, 11:01 PM
© Reuters. FILE PHOTO: The Apple iPhone 14 Pro is seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022.  REUTERS/Andrew Kelly
USD/CNY
-
AAPL
-
JD
-

SHANGHAI (Reuters) - Third party retailers in China are offering discounts of as much as 10% on Apple Inc (NASDAQ:AAPL)'s iPhone 14 Pro amid sluggish demand for smartphones.

Electronics vendors JD (NASDAQ:JD).Com Inc and Suning are currently selling the iPhone 14 Pro basic model for 7,199 yuan ($1,062), checks of JD.com's app and Suning's website showed. That is 800 yuan cheaper than the standard price on Apple's official China website.

A number of other authorised Apple third party sellers are offering similar discounts on the iPhone 14 pro and Pro Max, Reuters checks of promotions on social media showed.

Apple did not immediately respond to a request for comment.

Apple will occasionally allow partner vendors in China to offer discounts on its phones to spur demand.

"The return of price cut even for the best-selling iPhone 14 models is not a good sign for demand," Jeffries analyst Edison Lee wrote in a note to clients, adding that several Android brands have also cut prices.

China's smartphone sales in 2022 clocked in at 286 million, the lowest level in a decade, with sales in the fourth-quarter sliding 14% due to poor demand, according to research firm Canalys.

Apple sales tumbled 24% in the quarter, Canalys said, in part due to an early release of the iPhone 14 series and in part due to supply chain issues caused by worker unrest at contract manufacturer Foxconn.

© Reuters. FILE PHOTO: The Apple iPhone 14 Pro is seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022.  REUTERS/Andrew Kelly

The China Securities Journal first reported the price cuts on Sunday.

($1 = 6.7782 Chinese yuan)

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.