While most of the businesses are suffering losses after the demonetisation, Apple is one the companies which has made big gains as over one lakh iPhones were sold in three days following the move.
Sale of iPhone shot up in India following the Prime Minister Narendra Modi’s announcement to demonetise Rs 500 and Rs 100 notes as consumers rushed to buy these devices with their phased out high-denomination notes and stores booked sales through back-dated receipts.
As per trade estimates, over 1 lakh iPhones were sold in three days, which is around three-fourth of this handset’s average monthly sales, reports The Economic Times.
iPhones were sold out in most of the neighbourhood stores after demonetisation. On November 8 itself, several stores sold iPhones till midnight. Some even sold them at a premium.
The rush to get rid of scrapped currency notes by buying Apple’s expensive handsets has resulted in Apple being the only phone maker to meet sales target in November.
Apple’s sales in November are estimated to have gone up by 20-30%. However, the handset sales, as a whole, are down compared with the year-ago period.
Market experts say that iPhones sales saw a drop in the grey market after demonetisation, boosting sales in large retail chains.
A surge reported in demand for iPhones due to decline of grey market, easy availability of consumer finance and wider acceptance of credit cards and digital payment at their stores.
Market researchers claim that the Indian smartphone market will contract by 10% in October-December due to demonetisation.