Apple quietly introduced a rare discount on its latest iPhones in China, cutting prices as much as 500 yuan ($70) amid sagging demand and increasing competitive pressure in the world's top smartphone market.
Bloomberg reports that a time-limited promotion will be offered on Apple's official Chinese website from Thursday to Sunday before the Lunar New Year holiday season. This is the first time in years Apple has slashed prices of the latest iPhones.
Appel's website says, "Discounts this year encompass everything from the iPhone 13 to the iPhone 15 Pro Max."
Discounts are being offered on Macbooks.
And iPads, Watches, and AirPods.
The rare discount comes as analysts from Piper Sandler and Barclays downgraded Apple in recent weeks due to slumping iPhone demand.
It was just last week when Jeffries analyst Edison Lee told clients that iPhone sales in China plunged 30% in the first week of 2024 compared to the same week last year.
Lee showed that Chinese shopping platforms like Suning and WeChat offered discounts on the latest iPhones.
iPhone discounts have soared.
We suspect the made-in-China Mate 60 Pro, which defied Western tech sanctions and has a top-of-the-line processor, has spurred patriotic fervor among Mainland consumers for domestic handsets. Also, companies and government agencies have told staffers to abandon Apple devices.
