iPhone buyers in Japan are showing a preference for older models of the iPhone over more expensive new iPhone models. The tumbling value of the Yen against the U.S. dollar is causing Japanese consumers to seek our used goods instead of new products.
Reuters reports Japan’s currency has reached a 32-year low compared to the dollar, causing consumers in the world’s third-largest economy to change their spending habits.
The currency change has considerably increased the cost of the iPhone in the country, including a 22% drop in value in 2022. While the iPhone 14 launched at $799 in the United States, the device was sold in Japan at 20% more.
Apple also increased the prices of iPhone 13 models in July. At the time, the base 128GB iPhone 13 went from 99,800 yen to 117,7800 yen.
“At more than 100,000 yen ($683), the iPhone 14 is too expensive and I just can’t afford it. It would be fine if the battery lasted for 10 years,” commented Kaoru Nagase, a salaryman who went for a used second-generation iPhone SE instead of the 119,800 yen ($814) iPhone 14.
The currency changes have pushed new iPhone prices beyond the “major psychological barrier” of 100,000 yen, said Belong Inc CEO Daisuke Inoue.
Auction houses and resale sites are benefiting from the change in consumer preference. In one example, sales on Belong’s Nicosuma site have tripled since Apple raised prices in July.
Secondhand sales are also benefiting from foreign tourists buying secondhand devices intended for local networks.
(Via AppleInsider)
