Apple products are expensive, and they’re especially expensive in China, a country where Foxconn workers can’t afford the iPhones they make. To help make its devices more affordable for Chinese customers, Apple has started offering payment plans that range from 6-24 months. The plans are available for purchases between 300 yuan to 30,000 yuan, or about $48 to $4,825.
The 6-12 month installments are offered with 0% interest, while a 2-year payment plan comes with a 8% interest charge. Customers must be using China Merchants Bank to participate.
Bloomberg points out that the iPhone 5 costs 5,288 yuan in China, which is “equal to about six weeks’ pay for the average urban worker.”
This news is interesting given the fact that Apple is rumored to be introduce a low-cost iPhone for emerging markets (like China) later this year. These payment plans show how dedicated Apple is to making its products affordable in China, an area Tim Cook predicts will be Apple’s largest market.
Source: Bloomberg
Alex Heath is a journalist who works for Tech Insider. He’s the former co-host of The CultCast. He has been quoted by the likes of the BBC, KRON 4 News, and books like “ICONIC: A Photographic Tribute to Apple Innovation.” He lives in Lexington, Kentucky. If you want to pitch a story, share a tip, or just get in touch, additional contact information is available on his personal site. Follow him on Twitter.
3 responses to “Apple Introduces New Payment Plans For Product Purchases In China”
“the iPhone 5 costs 5,288 yuan in China, which is “equal to about six weeks’ pay for the average urban worker”
6 Weeks or 6 Months ?
Foxconn workers can’t afford the iPhones they make. Well, Boeing workers can’t afford the 747 planes they make either, what’s your point? Just because you’re on the assembly line doesn’t mean you can afford to buy what you are making.
There are plenty of assembly line workers that can’t afford the products they make in so many parts of the world. Seriously, that’s a stupid point to mention. There must be plenty of automobile manufacturers in China where workers can’t afford the cars they’re assembling. Assembly line workers don’t make all that much anywhere unless they’ve got some strong union behind them.