Still think Apple iPhones are expensive? Get ready for pricier smartphones

Apple CEO Tim Cook hinted at a possible price increase for the upcoming iPhone 15 during an earnings call. Cook claimed that consumers are willing to pay more for the best they can afford in the smartphone category. He claimed this is possible as the iPhone has become an integral part of their lives.

According to a report by Bloomberg's Mark Gurman, Cook did not comment on potential price increases but Apple has internally discussed adding a higher-end iPhone to its lineup. The company will also continue to differentiate its product tiers with a wide range of materials, processors, and cameras, including a periscope lens for the Pro Max model.

During the earnings call, Cook was asked about the rising prices of iPhones. To which he responded by claiming that 'the price increase is no problem. In fact, consumers could probably be persuaded to spend more.'

Gurman further speculated that Apple could introduce a new top-end brand, the Ultra, or even add an even higher-end iPhone above the Pro models, potentially for the 2024 iPhone release. The top-of-the-line model is expected to feature further camera improvements, a faster chip, and an even larger display, along with future-forward features such as eliminating the charging port.

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While Apple has explored a foldable iPhone in the past, it is currently focused on larger foldable devices, rather than smartphones. If and when Apple decides to launch a foldable iPhone, it will most likely be far more expensive than its current models. Gurman claimed the higher price will be necessitated due to the advanced technology required for batteries, displays, and chips.

iPhone 14 Pro, the Popular Choice

The iPhone 14 Pro has been a popular choice. The company underestimated the sales volume of the Pro models in 2022. Additionally, the lockdowns that hit Chinese production plants created a supply chain bottleneck, resulting in longer delivery periods and the absence of stock at Apple stores. 

Despite the high demand, the rise in prices could still impact sales volumes due to fears of recession and inflation. A report by Reuters claims that Chinese Apple vendors are offering up to 10 percent discount due to lower than usual demand for the iPhone 14 Pro demand.

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