In a rare move, Apple (AAPL) is discounting its electronic devices in China, including its new iPhone 15, as it faces rising competition and slowing sales in the nation of 1.4 billion people.
Between Jan. 18 and Jan. 21, Apple is offering 500 Chinese yuan ($70 U.S.) off its iPhone 15, including the most expensive version, the iPhone 15 Pro Max.
Apple is also offering discounts on its MacBook computers and iPads in China. The lowered prices are being offered ahead of the Lunar New Year in mid-February.
It’s rare for Apple to offer discounts through its own retail channel. However, the company is facing a decline in demand for its products in China, its second largest sales market.
In a recent note to clients, analysts at Jefferies Financial Group (JEF) estimated that Apple experienced a 30% decline in iPhone sales year-over-year in the first week of January.
Jefferies also said that Apple saw a 3% year-over-year decline in iPhone sales in China throughout 2023.
Domestic competitors within China, such as Xiaomi and Huawei, are offering competitive high-end smartphones that are taking market share from Apple’s iPhone.
Last year, Huawei launched a smartphone that contains a high-end microchip. That device has helped Huawei boost its sales and make a comeback in China’s domestic smartphone market.
Apple’s stock has risen 37% over the last 12 months to trade at $185.92 U.S. per share.
