Pre-orders for the latest iPhone have got off to a better start versus a year ago, according to several Wall Street analysts.
CNBC reports that renowned iPhone analyst Ming-Chi Kuo has boost his sales forecasts for the iPhone 11 from between 65 – 70 million units in 2019 to 70 – 75 million units.
“The demand for iPhone 11 in the Chinese market is stronger than that in the U.S. market,” said Kuo, noting the price point of the phone is in a Chinese ‘sweet-spot’ at roughly 1 to 1.5 times an average monthly wage.
The TF International Securities analyst said demand for the new iPhone is beating even his expectations due to Chinese consumers.
According to Daniel Ives, managing director of equity research at Wedbush Securities, there are 60 million to 70 million consumers in China in an “upgrade window.”
Roughly half of these consumers need to upgrade to the iPhone 11 for the launch to be deemed successful by Apple.
Pre-sale figures for the iPhone 11 have jumped by 480%, according to Chinese e-commerce site JD.com, posting from their official Weibo count.
With sales on Alibaba’s Tmall platform jumping by 335%, according to Chinese media outlet Yicai.
A significant factor is due in part to Apple’s discount given to Chinese online retailers.
Chinese consumers previously had to pay a premium of 28% above the US price for last year’s iPhone XR.
According to an analysis by CNBC, the premium has been reduced top between 10.5% and 12.5% for the new iPhone 11.
Delivery times for particular iPhone 11 models are expected as late as 15 October, according to Apple’s website, several weeks after the 20 September launch date.