Apple's $1,000 iPhones are turning it into a luxury brand - and it could lose a whole generation of customers

Posted On: Sep 16, 2018   |   Posted By: Business Insider

Apple's $1,000 iPhones are turning it into a luxury brand - and it could lose a whole generation of customers

Apple is increasingly transforming itself into a luxury brand. A year after debuting its first thousand-dollar smartphone, the company replaced it with two more.
At the same time, it cut its lowest-priced iPhone.
The moves could boost Apple's near-term revenue and profits.
But they could lead to stagnating phone sales and could discourage people from becoming Apple customers, which could have long-term consequences for the company.
Apple, it seems, has now fully bought into the notion that it's a upscale brand.
Its move this week to revamp its device lineup by doubling down on thousand-dollar phones, and simultaneously dropping its least expensive model, made clear that it's no longer overly concerned with appealing to customers of more limited means. Instead, the iPhone maker seems to believe that the way forward is to be the Louis Vuitton of consumer electronics.
That focus on the high-end has already started to pay off for the company in the form of near-term profits, even as it recently surged past a...

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