Web Desk — The first iPhone in 2007 had a price tag of $499, which was a lot of money at that time but it was just the beginning.
The price of Apple’s iconic product is increased on the basis of multiple factors, like improved technology, features, and inflation. Apple brings in nearly half of its revenue through the iPhone business but how much can Apple charge for its iPhones?
Apple’s pricing strategy is not consistent or predictable as the company adjusts its prices on various factors including consumer demand, competitive pressures, and inflation, which tends to increase the cost of an iPhone.
Apple, despite the slowing smartphone market, seems confident to charge more for its iPhones this year. As various rumors and reports suggest, the iPhone 15 Pro and iPhone 15 Pro Max could see a price hike of $100 or even $200 compared to the iPhone 14 models in the US.
Apple may justify this price increase for the Pro models by offering some exclusive features and improvements, such as a titanium body, a faster processor, skinnier bezels, and a better camera.
Apple increased prices last year in some Asian and European countries whose currencies had dropped against the dollar ahead of the 2022 iPhone event.
In the UK, shoppers had to bear a price increase of approximately $85 for the iPhone 14, which starts at £849 compared to the iPhone 13 for £779.
People in Japan had to pay one of the highest prices globally, approximately $150 more, mainly due to a slumping yen. However, the iPhone 14 didn’t see a price hike in China despite a massive drop in Yuan. Remember, China is Apple’s largest market outside the US but China recently has placed some restrictions on the iPhone, dropping its share value in the country.
Currently, it is not possible to make any estimation regarding the price of the upcoming iPhone 15 and iPhone 15 Pro unless Apple discloses those details at its event this month.
According to industry analysts, it will be tough for Apple to increase prices for the regular iPhone models in 2023, due to a possible risk of a recession at the time, as well as success with the expansion of Apple’s installment plans.
International Data Corporation’s Bryan Ma in November last year said he was sure that the engineering team would love to induct more sophisticated components into the product as competitive differentiators.
“But if the macroeconomic gloom is still lingering one year from now, then that will be at odds with the ability of consumers to keep up, even if Apple fans tend to be more resilient and premium users,” He added.
iPhone 15 Release Date
Apple is expected to introduce the iPhone 15 models at the “Wanderlust” event scheduled on Tuesday, September 12.