comscore Demonetization effect: Over 100,000 Apple iPhones reportedly sold in just 3 days using old currency
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Demonetization effect: Over 100,000 Apple iPhones reportedly sold in just 3 days using old currency

After Rs 500 and Rs 1,000 ceased to be illegal in India, consumers rushed to use old currency notes to buy Apple iPhones, even at a premium.

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Apple s premium iPhones do not have as huge a fan base in India as in the US, unless, of course, you have some old currency lying and the only way to get rid of the money is to buy the most expensive of things you once only dreamt of buying. Three days after the government announced demonetization of Rs 500 and Rs 1,000 notes in India, sales of Apple iPhones shot up as consumers rushed to buy these devices with the old notes. To cash in on the frenzy, stores booked sales through back-dated receipts. It is estimated that over 100,000 iPhones were sold in these three days, which accounts for one-fourth of the smartphone s average monthly sales. Also Read - iPhone SE 3 likely to bring some interesting specs at a budget, release timeline out

Also Read - Apple AR/VR headset mass production may be delayed until end of 2022 : Report

On November 8, 2016, Prime Minister Narendra Modi announced that all Rs 500 and Rs 1,000 notes ceased to be legal tender in the country. Before the new Rs 2,000 notes came into circulation from November 10, 2016, people with old cash were turning the useless papers into prized possessions by buying luxurious items including Apple iPhones; the more expensive the better. According to an ET report, the spike in iPhone sales was equivalent to the demand for gold and other high-value luxury items in the first few days of demonetization. Also Read - Apple Watch Series 7 first look: Classy with lots of health features

The latest iPhone 7 is priced at Rs 60,000 onwards with the most premium variant selling at Rs 92,000. Although large retailers stopped accepting old notes after the demonetization announcement, some sold iPhones till midnight on the day of the announcement, with some even charging a premium for the smartphones. Retailers back-dated bills so the sales money could be exchanged later or deposited legally in the banks. Because of the unexpected jump in sales, Apple was the only manufacturer to meet sales target in November. According to industry executives, Apple s sales during the month are estimated to have grown by 20-30 percent. However, handset sales, as a whole, are down compared with the year-ago period, industry executives said. ALSO READ: Google Pixel, Pixel XL capture 10% of India s premium segment in just 17 days; Apple dominates with 66% share: Counterpoint

In a recent Counterpoint Research report, it was revealed that Apple dominated India’s premium smartphone segment with 66 percent share. Samsung and Google follow with 23 percent and 10 percent shares respectively. Although recent entrant Google has been able to grab a significant share in less than 20 days of launching its Pixel and Pixel XL smartphones in the country, Apple iPhones have always been considered as an aspirational brand. Given Samsung s Galaxy Note 7 fiasco, Google has been lucky to leap ahead in the race but now is face-to-face with the Apple iPhone 7 and iPhone 7 Plus. For Apple, the country has always been of strategic importance. After announcing the company’s quarterly results in October, Apple CEO Tim Cook hoped that India will prove to be another gain market. He said that Reliance Jio s move to offer a free year of service to purchasers of new iPhones could further boost sales. ALSO READ: Demonetization effect: Telecom operators waive off mobile banking charges till December 31

For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.
  • Published Date: November 29, 2016 12:15 PM IST



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