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Low demand drives down iPhone 14 prices in Vietnam

Low demand drives down iPhone 14 prices in Vietnam

Monday, May 01, 2023, 21:20 GMT+7
Low demand drives down iPhone 14 prices in Vietnam
Customers buy iPhone products at a store in Ho Chi Minh City. Photo: Duc Thien / Tuoi Tre

The tempting markdowns offered by many authorized Apple retailers across Vietnam have apparently failed to reverse the low demand for iPhone 14 models in the country.

The price of the 256GB version of the iPhone 14 Pro Max at the 24hStore chain has decreased by more than VND12 million (US$511) since its initial release in October, according to Anh Hong, a representative of the retailer.

“Certain products are being sold at a loss of over VND5 million [$213], and the company is also offering valuable gifts to reduce inventory,” Hong said.

The Di Dong Viet retail system has also lowered the prices of the two most popular iPhone 14 versions in Vietnam, the iPhone 14 Pro Max 128GB and iPhone 14 Pro 128GB, by nearly VND9 million ($384) and VND6.5 million ($277) to VND28.39 million ($1,210) and VND25.49 million ($1,086), respectively.

Despite the appealing discounts, the foot traffic at authorized Apple retail stores in Ho Chi Minh City has been tepid during the ongoing five-day break celebrating Hung Kings Commemoration Day on April 29, Reunification Day on April 30, and International Workers’ Day on May 1.

“Our efforts to spur customer demand were unsuccessful,” said the representative of a mobile store chain, which experienced its highest losses in April.

Another retail system had to shutter half of its stores due to a lack of customers.

Some retailers speculate that consumers are cutting back on spending due to worsening economic conditions. 

Additionally, since the current holiday is lengthy, numerous families preferred extended trips to shopping.

Rising demand for used iPhone 12 Pro Max

On the other hand, a significant number of consumers are interested in purchasing second-hand smartphones, with the iPhone 12 Pro Max being the most sought-after model.

According to the Cho Tot re-commerce platform’s recent statistics, the demand for a used iPhone 12 Pro Max has doubled in the first three months of 2023 compared to the same period in 2022.

Currently, the used iPhone 12 Pro Max is priced from VND14-20 million ($597-852), depending on whether it is the 128GB or 256GB version. 

This price range represents a decrease of more than 37 percent in comparison to the same period last year, making this iPhone the product with the most significant price drop among the list of 10 best-selling phones as compiled by Cho Tot.

Cho Tot predicts that sales of the iPhone 12 Pro Max will continue to soar because the prices of second-hand iPhone 13 Pro Max and iPhone 14 Pro Max models are still VND6-11 million ($256-469) higher.

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Bao Anh - Duc Thien / Tuoi Tre News


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