Wednesday , May 29 2024

iPhone 14 prices to decline further

The prices of iPhone 14 in Vietnam, which are already among the lowest in the world, will continue decreasing in the coming time, market observers said.

“In April, Apple authorized resellers will have to import a new batch of iPhones according to their commitments to Apple. To lower inventory, slashing prices is the best way,” said a reseller.

Officially launched in the country on Oct. 14, 2022, the iPhone 14 Pro Max version originally sold for VND34 million ($1,440).

Only half a year later, the price dropped by more than VND7 million, the fastest rate of price decline since iPhone smartphones were first officially sold in Vietnam in 2014.

Prices of some other iPhone 14 versions also decreased sharply.

“The iPhone price war is always going on, but never as fierce as now. This is the first time the price of Apple’s latest phone model has dropped so steeply after only half a year,” said Phung Phuong, a manager of smartphone retail chain Di Dong Viet.

According to a large electronics retailer, there are two reasons for the current price race.

Firstly, Apple has not yet fixed a price range in Vietnam, so local dealers set their own selling prices according to actual needs and market situations.

Large stores often sell Apple smartphones at prices VND1-2 million higher than smaller ones, but still attract customers due to their wide coverage, good reputation, and better after-sales services.

Meanwhile, smaller stores must accept low profits, slashing prices to compete with bigger ones.

Secondly, at the beginning of 2023, demand for smartphones started diving, but Apple authorized resellers still imported a large number of products to receive sales incentives from Apple.

Inventory is now too high, forcing resellers to lower prices to make cash flows run smoothly.

“Big retailers are slashing selling prices, so small and medium ones have to follow suit to keep their market shares,” said Nguyen Lac Huy, a manager at smartphone retail chain CellphoneS.

The iPhone 14 was rolled out in Vietnam in October last year. While the Pro and Pro Max versions sold out within a few months, sales of the iPhone 14 and Plus versions have been sluggish.

Retailers said the combined sales of the two models account for less than 5% of the total.

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