Apple has achieved a remarkable feat by setting a new record for the average selling price of its iPhones, despite facing the usual sales challenges in Q1. According to a report by CIRP, the average price of an Apple phone now stands at $988, up from $882 at the beginning of 2022.
This impressive growth can be attributed to the increasing popularity of iPhone 14 Pro and 14 Pro Max models, as well as customers’ preference for iPhone 14 and 14 Plus over the 13 mini. CIRP also credits Apple’s successful trade-in values for used iPhones as a key factor in driving demand for premium options that retain higher resale value.
Although September and holiday quarters are typically Apple’s strongest periods for iPhone sales due to early adopters buying premium models, the company has managed to sustain this trend throughout the past year despite Q1 challenges. This exceptional performance is a testament to Apple’s ability to keep up with changing consumer preferences and offer products that meet their evolving needs.