The price of a high-end iPhone has increased 66% since 2009. Tim Cook says people are willing to pay more for 'the best.'
The price of the most expensive iPhone model has increased by more than half — from $962 to $1,600 since 2009 when adjusted for inflation — but Apple CEO Tim Cook doesn't appear worried about increasing prices., Cook said he believes people are willing to pay more because the phone has become"so integral into people's lives."
"I think people are willing to really stretch to get the best they can afford in that category," Cook said, responding to a question on whether the increasing average sales price over the last few years is"sustainable.", which fell short of expectations. It was the first year-to-year sales drop Apple experienced since 2019, reporting a 5% decrease to $117.1 billion.
But since the tech juggernaut introduced the iPhone in 2007 and expanded its tier model with the iPhone 3G and 3GS in 2009, Apple has become one of the most valuable companies in the world.
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