For years Japanese shoppers eagerly shelled out for the latest and greatest tech devices, but now a tumbling yen has put new iPhones out of reach for some and sparked a growing secondhand trade in a major market for Apple, reports Reuters.
The article adds that the currency change is bad enough that it’s increased the cost of the iPhone substantially in the country, including a 22% drop in value in 2022. While the iPhone 14 launched at US$799 in the U.S. compared to the iPhone 13, it was sold in Japan at 20% more.
The popularity of secondhand iPhones isn’t limited to Japan, however. An October 10 report from Canalys says Apple continues to be the leader in refurbished smartphones globally and in the U.S.
The research group says the average selling prices (ASPs) of iPhones in the refurbished market are going through a transition as 4G LTE devices lose more value. Increase in 5G usage has a big part to play here.
With the iPhone 14 series launch, the prices for much older models like the 8, 11 and XR series have gone down by about 22%, according to Canalys.