iPhone 7 to cost more in India and UK

Thanks to Brexit and several economic factors, consumers in UK and India will have to fork out more cash to get an iPhone 7. Image Apple

The much-awaited Apple iPhone 7 was just introduced on Wednesday with pre-orders becoming available Sept. 9. However, there is some bad news for fans of the iPhone from the UK and India as the devices will cost a lot more than the US release.

The iPhone 7 has been given a a suggested retail price of $649 for the 32GB basic model while the Plus will start at $769. Unfortunately, The Next Web reports that there will be a significant markup for the Indian market which will raise the price to around $903 (Rs60,000). UK buyers will have it easier with just a $60 increase from the base US price, or £599 on the Apple website.

The higher prices can be attributed to the Brexit side effects where many economists already predicted that prices would increase during the run-up to the vote.

The Indian market, however, is a bit more complicated. The higher price is a result of Apple taking into account the sales tax for selling the product. They also sell through third-party partners and that requires a margin for them to make a profit. Lastly is a price buffer to compensate for fluctuations in value of the Indian rupee.

India’s woes may not last long as a recent foreign direct investment ruling in the country will allow Apple to open its own local retail stores, thereby eliminating the middleman.

Apple is currently considering opening up shops in major cities like Bangalore, Mumbai and New Delhi by the end of 2017.  Alfred Bayle