Morgan Stanley expects consumers will spend roughly $30 billion on the iPhone X in the fourth quarter, a “significant headwind” for traditional retailers as consumers will likely divert money away from spending on things like clothing, reports The Wall Street Journal.
The global financial services firm expects sales at department stores and footwear sellers to fall 0.4% in the fourth quarter. iPhone X pre-orders started Friday, Oct. 27; the first units are supposed to be available on Friday, Nov. 3. It comes in 64GB and 256GB models with pricing starting at $999.
