(Bloomberg) -- Apple Inc. is offering discounts of as much as 500 yuan ($70) on its latest iPhones in China for the first time in years, a rare cut that may deepen fears about dwindling demand for its marquee device.
Apple quietly introduced the savings on its official Chinese website on Monday. The deal runs from Jan. 18 to Jan. 21 ahead of the Lunar New Year shopping season, and the iPhone discount is equivalent to about 5% off its top-of-the-line gadget.
The move coincides with a growing preference within China for local brands such as Huawei Technologies Co., as well as edicts barring the use of foreign devices across a growing number of state-backed agencies and firms. Apple's latest iPhone 15 sold far worse than its predecessor after its China debut last year, analysts say.
Jefferies has warned that 2023 iPhone sales there may have dropped 30% after Huawei introduced the Mate 60 series with a 7-nanometer made-in-China processor — an achievement hailed by state media as a national breakthrough in spite of US sanctions.
Apple's Chinese retail partners had in the past offered steeper cuts on the latest iPhones. Apple itself typically discounts gadgets annually ahead of Lunar New Year, which falls in February this year and is considered the country's most important holiday. But it hasn't cut prices on the newest iPhones in years.
The discounts this year encompass everything from the iPhone 13 to the iPhone 15 Pro Max. Apple will also offer savings on devices including the MacBook Air, most iPad models, some AirPods and the Apple Watch SE, according to its website. The company is knocking as much as 800 yuan off the MacBook Air's price tag.
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