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Instead of Black Friday discounts, consumers in Turkey were faced with steep price hikes for Apple products after the value of the lira hit new record lows this week.
Certain Apple devices were 25 percent more expensive than usual on Friday — with some increases worth more than the local minimum wage.
Persistent double digit inflation and the weakness of the Turkish currency has eroded the purchasing power of Turkish consumers, leading to a cost of living crisis and pressure on the government to act.
The lira has lost 38 percent in value against the dollar since the start of 2021, surpassing 13 to the dollar at one point earlier this week.
The iPhone 12, one of Apple’s bestsellers, cost 10,999 liras on Thursday evening.
It set consumers back 13,999 liras (around $1,150) on Friday morning, an increase of more than 3,000 liras which is above the net monthly minimum wage of 2,825.90 liras (around $231).
The price of the iPhone 13 rose from 11,999 to 14,999 liras, an increase of 25 percent, which is above the official annual inflation rate of 19.89 percent in October.
“It’s Black Friday today, but guess what we have in this country instead of reductions,” quipped one Turkish Twitter user.
“The lira lost 10-15 percent of its value (against the dollar on Tuesday), they have to increase their prices,” said Emirhan, who left the Apple store located in the upscale district of Gayrettepe on the European side of Istanbul with a pair of earphones.
In response to the Tuesday’s lira crash, Apple suspended online sales for extra time to adjust prices.
“Before it was very, very expensive. Now it’s very, very, very expensive,” said Mehmet Mert, 31, who left the store empty-handed.
“With inflation, you’d have to stop eating to buy something here,” the IT manager said.
The currency crisis comes after President Recep Tayyip Erdogan, who believes that high interest rates cause inflation in contradiction to orthodox economic thinking, pushed for lower interest rates.
Since September, the central bank has acquiesced to his pressure to cut rates.
A manager at Apple’s official store in Gayrettepe declined to comment. An Apple spokesperson did not immediately return a request for comment.
iPhone 13 Pro and iPhone 13 Pro MaxPhoto: Caitlin McGarry
Apple is planting new flowers in its walled garden. And by that, I mean the company is reportedly designing more in-house chips to reduce the reliance on third-party chipmakers like Qualcomm.
The Cupertino tech giant’s M-series processors have been all the rage in the computing world since debuting in the MacBook Air last year. But while Apple took the heart of its laptops and tablets away from Intel, some of the other organs are still produced by other companies. And as we know, Apple doesn’t like to rely on non-Apple things.
Noted Apple analyst Ming-Chi Kuo said earlier this year that the Tim Cook-led firm would develop its own 5G modem, the chip that connects you to a cellular network, and replace the current Qualcomm one from the iPad and iPhone. Kuo seemed uncertain of a timeline but said the swap would happen in 2023 “at the earliest.”
A new report from Nikkei Asia weighs in, claiming Apple is nearing a deal with Taiwan Semiconductor Manufacturing Company (TSMC) to release a 5G iPhone modem in 2023. Citing unnamed sources, the report says Apple is using a 4-nanometer die to build a 5G modem with millimeter wave technology and its own power management chip to make sure it all runs smoothly.
Apple and Qualcomm’s splintered relationship is well-documented. The two tech giants have been locked in a long-running feud that intensified when Apple took the chipmaker to court for “double-dipping” by charging “unreasonable” royalties for its modem chips on top of licensing fees. The two companies eventually settled all ongoing lawsuits and agreed to a six-year licensing agreement.
This was no happy reunion. Apple’s plans to build its own modems are no secret after the company showed its hand by purchasing Intel’s smartphone modem business for $1 billion just months after settling the modem dispute with Qualcomm. Apple is expected to use Qualcomm chips in its forthcoming iPhones before swiftly phasing them out. Qualcomm, which supplies the modems (among other chips) for the majority of smartphones, said it expects to account for only 20% of iPhone modem orders in two years from now.
Apple deals for 2021, featuring Apple Watch 3, 6 & 7, iPad Pro & more offers BOSTON, November 22, 2021 — ( BUSINESS WIRE )–Here’s our round-up of the top Apple deals for Black Friday, including all … Source…
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