The popular saying goes that you should strike when the iron is hot. Chinese smugglers made a fortune during the first week of iPhone 6 and iPhone 6 Plus launch. The soaring prices in the black market, due to the unavailability of these gadgets in Apple stores, brought them enormous profits. The phones sold like hot cakes as the store owners were clueless about a launch date.
The impatient and crazy fans of the brand paid thrice the amount for the phone during the weekend of its launch. The craze seems to be over now as the Chinese smugglers are incurring massive losses. The supply shipments from neighboring countries made sure the demand is met and now with time, even the wholesalers have reduced the prices. The phones were sold in all cash without any contract or bill. The buyers were not willing to wait and the smugglers took the advantage of that opportunity.
Even the Chinese government is against foreign goods being so popular and is advocating the countrymen to boycott foreign electronics. True patriots and Chinese at heart are trying to get rid of foreign products and for their such products lack the appeal. The market is not showing interest and the product value is no longer the same. The government is attempting to promote indigenous products to increase economic growth.
The latest smartphone market demands are low and the black market sales are not that significant. The prices are slashed up to half of the black market price and the interest to own an iPhone has liquidated. Sellers, who were hoarding and selling illegally are now suffering from big losses as the sales did not meet their expectations.