China’s Apple Retailers Offer iPhone 11 At Massive Discounts to Boost Sales – The Motley Fool
Apple loyalists in China have an opportunity to buy the iPhone 11 at huge discounts. According to a report from South China Morning Post (SCMP), several retailers in China are offering the iPhone 11 at cheaper prices to drive sales.
China’s leading e-commerce platform JD.com is selling the 64 GB iPhone 11 for $708, or 4,999 yuan. This is $70, or 500 yuan, cheaper than the original price. The e-commerce giant has also reduced the prices of the iPhone 11 Pro by $170, or 1,200 yuan, while the iPhone Pro Max is available for a discount of $227, or 1,600 yuan.
The SCMP report states that JD.com is not the only online retailer to slash prices for Apple’s (NASDAQ:AAPL) iPhone 11 lineup. Other electronic retailers have also reduced prices to boost demand. Apple is yet to comment if it has authorized partners in China to sell products at these discounted prices.
The COVID-19 pandemic has driven consumer spending significantly lower. People have delayed the purchase of non-essential goods which is bound to hit the top-line of several companies including Apple. The technology heavyweight released a statement in February and confirmed that it will miss the quarterly guidance.
Although China has ended lockdowns in Wuhan and other COVID-19 affected regions, consumer demand is expected to subdued in the near-term. According to one Reuters report, Apple sold 494,000 iPhones in China in the month of February 2020, down 61% from the 1.27 million devices it sold in the prior-year period. It remains to be seen if the recent drop in iPhone 11 prices will result in incremental sales for Apple during these uncertain times.