Apple CEO Claims People are willing to pay high for iPhone
iPhone is gaining popularity worldwide because of its advanced feature. But day by day iPhone model is becoming more expensive, from $962 to $1,600, since 2009. Despite this, the Apple CEO, Tim Cook, is okay with price growth affecting its sales.
Because he believes that iPhone users are willing to pay more as this phone has become an essential part of society’s life, in response to a question, Tim Cook replied people are willing to pay for the best in their affordable range, so average increasing sale prices will not affect its future customers.
According to Apple’s quarterly report, in 2019, the company faced its first annual sales decline of 5% to $117.1 billion.
In 2007, when the tech juggernaut launched iPhone, and in 2009, it introduced other models like iPhone 3G and 3GS, the Apple company became the most valuable firm in the world.
In 2018, Apple became the US first, with a worth of $1 trillion, followed by $3 trillion in 2022 and a current worth of $2.45 trillion.
We don’t have the power to criticize iPhone premium prices because of its dominance in the US. In 2018, it was reported that prices of Apple products, including iPad, apple watches, are rising high than inflation rates.