Chinese Allowed to Make Installment Payments on Apple Products
With the tech industry pointing to the high price tag on Apple products as a lingering impediment to more widespread Chinese market penetration for Apple, the Cupertino, California-based iDevice emperor is working on a plan to make Chinese consumers commit to the purchase price.
According to published reports Wednesday, Apple is now allowing Chinese consumers to make installment payments on iPhones and MacBooks. Here's the real kicker. Apple is even giving buyers up to two years to pay off the goods.
There are, of course, a range of related financing fees.
“There is an enormous mid-range consumer market that they are not tapping into,” Mark Natkin, managing director of a Beijing-based market research firm, tells Bloomberg. “They’re trying to figure out how to make products more accessible to that market segment. This is a good step in that direction.”
It remains to be seen if the financing options will influence more purchases. No matter which way you slice it, the iPhone 5 still costs about as much as the "average urban worker" takes home in six weeks.