iPhone sales shot up in India in the three days immediately following demonetization as consumers rushed to buy these devices with their phased-out high value notes and stores booked sales through back-dated receipts.
As per trade estimates, over 1 lakh iPhones were sold in these three days, which is around three-fourth of this handset’s average monthly sales.
The spurt in iPhone sales mirrored the demand for gold and high-value luxury items that shot up in the first few days following the scrapping of Rs 500 and Rs 1,000 notes on the evening of November 8.
“iPhones were sold out in most of the neighborhood stores after demonetization. In fact, on that night itself several stores sold iPhones till midnight. Some even sold them at a premium,” said the owner of a leaning cellphone store in New Delhi.
Over 4 lakhs iPhones were shipped by Apple in October. 95% of iPhone purchases are currently through cards/finance & rest via cash, say retailers.