Choosing an iPhone over a Xiaomi Mi phone is a no-brainer for the better-off and brand-conscious. Increasingly, bargain-seeking Chinese consumers want neither. Sales of both have been tumbling in China.
Apple blames a slowing economy and its steep prices. Resellers in China including Alibaba’s Tmall and JD.com have cut iPhone prices in response.
Xiaomi, however, wants to go premium. It recently said it might raise the price of handsets in its Mi range. Xiaomi is best-known for affordability, with some handsets priced under $150. The Chinese business, which floated at a $54bn equity valuation last summer, aimed to sell phones to the masses at thin margins. Big profits were meant to come from selling internet services.
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