"Dream - Apple is offering a rare discount on their famous smartphone products, the iPhone. This price cut  is only applicable in the Chinese market, which is known to impose restrictions on users of the American-made device. Apple reportedly cut the retail price by 500 yuan, around Rp1 million, amid increasing competition in the smartphone market. Reuters reported that the American technology giant has reduced the price of several types of iPhones by 5 percent, including the iPhone 15 series."

Based on Jefferies' analysis, discounts are also being issued alongside the sales of iPhones in the Bamboo Curtain country, which decreased by up to 30 percent in the first week of 2024 compared to the same period last year. After falling by 3 percent throughout 2023, analysts predict that the smartphone competition landscape will become increasingly fierce this year.

"Apple is known to have never cut the price of its latest iPhone for years. This price discount step was taken after Apple surprised the global smartphone market by not raising the price for the iPhone 15 series at its launch in September 2023."

"Senior vice president of market research company Canalys, Nicole Peng, assessed that the discount move is actually not surprising because Apple is under pressure to boost global sales, especially in China. Moreover, amid increasingly fierce competition and the reluctance of Apple fans to upgrade."