If you are an Egyptian and wish to buy the iPhone 8, you have to save your salary for 10 months without spending a penny, especially if you are paid a minimum wage.
The price of the iPhone 8 is $699 (EGP 12,580), according to Apple, which is equivalent to 10 months of minimum wages at EGP 1,200 ($66 after flotation).
In November 2016, the Egyptian government took the decision to liberalise the exchange rate of the pound, which appreciated the dollar value against the Egyptian pound from EGP 8 before the flotation to reach EGP18 after it.
Apple’s new product was launched in late October; however, there was low demand on it in the Egyptian market.
Consumers complained of what they called the “exaggerated price” of the new model compared to what they saw as “not very different from the previous version,” and sellers were disappointed by the small numbers that bought the new phone so far compared to previous versions of Apple.
One of the consumers alleged that the price is overstated and its options are very similar to the previous phone, noting that the simple differences between the current and previous iPhone product are not enough to tempt him to acquire it.
The company has sold more than 1.2 billion iPhone phones over the past 10 years, according to Reuters
“EGP 16,300 to EGP 22,200 is the price of the new model,” according to the marketing manager at one of the iPhone outlets in Egypt. “The rates of buying the new phone are limited, and clients preferred to buy iPhone 8 Plus more than the iPhone 8 due to the increase of its options, as iPhone 8 Plus’s size is bigger than iPhone 8 and has two cameras in its back.”