Apple has recently announced their latest and greatest gadgets this month including the iPhone XS, iPhone XS Max, and the new Series 4 Apple Watch. If that weren’t enough, Apple is also coming out with a brand new iOS all set to hit stores and shelves everywhere this upcoming October.
The pre-orders were made available immediately after the Apple event, which took place on Sept. 12, 2018, and believe it or not, they have all sold out! Apple officially broke their own record after selling out their newest and most expensive iPhone, the iPhone XS Max 512 GB. The retail price for that specific phone is $1,499, while their “budget” smartphone starts at $749.
Although Apple finally introduced a more “affordable” iPhone, many still believe that Apple’s prices are far too high, however, they are able to get away with it and we’re here to tell you why! According to CNN, tech companies have lowered their prices in the past year to allow consumers to purchase products without breaking the bank, however, Apple doesn’t seem to have followed suit.
Although iPhone has kept their prices somewhat consistent over the years, they are still considered to have some of the heftiest price tags for smartphones out there. Apple first attempted a price hike with their iPhone X last year, which ultimately sold out and become a global success. In addition, Apple also kept the price for the iPhone 8 the same, all while people continued to buy it.
This not only allows Apple to keep prices at par with previous years but increase their prices for newer products all while knowing consumer will continue to buy them. Apple continues to lower the prices of their older models as new ones emerge, but when it comes to the latest Apple gadgets, they don’t hold back.
With Apple fans still buying phones regardless of the price, Apple seems to be OK with keeping things as they are. Also, according to the source, “Apple has been intentionally testing the price elasticity of its products in the past few years, and what it found is consumers have an appetite for more expensive iPhones,” the source said. As for that claim, they aren’t wrong!
Consumers look for quality, and that ultimately comes at a price. With Apple constantly updating their tech gear and introducing new features, people continue to buy into the hype, allowing Apple to both keep the price the same for some iPhones and increase the price on others. Can’t really blame them, can we? Let us know if you are #TeamiPhone!