iPhone 5 price to rise as eager fans pay over the odds
The Apple iPhone 5 release date will see eager consumers pay over the odds to be among the first to own the Apple smartphone
The predictions, which come from University of Warwick economist Professor Michael Waterson, suggest those keen to be among the first to tout Apple’s next-generation handset will pay up to three times the device’s retail price in order to get the smartphone at launch.
Based on trends set by last year’s iPhone 4 release across eBay, Waterson predicts that if stocks of the much mooted iPhone 5 handset fail to meet demand users will resort to auction sites to splash the cash on the Apple handset.
“We monitored all eBay transactions on the iPhone 4 for six weeks from 24th June last year when it became available in the UK,” said Waterson. “The extent of eBay activity on this product was extraordinary, with total transactions amounting to around £1.5m for 2,183 sales.”
“For the 16GB version of the phone, 98% of sales completed at a value in excess of the listed retail price of £499. The average price was £640.35 and the maximum achieved was £1,180. For the 32GB version of the phone, 97% of the sales completed above the listed retail price of £599. The average price was £778.73 and the maximum price achieved was £1,551.”
He added: “The product was in short supply at this time and so it's probable that demand was influenced by immediacy or ‘snob value’. It will be fascinating to see what will happen to the iPhone 5 as the launch is eagerly anticipated. I think we will see the same level of activity.”