As yen tumbles, gadget-loving Japan goes for secondhand iPhones - BusinessWorld Online

The Japanese currency’s fall to a 32-year low against the dollar has squeezed consumers and accelerated a broader spending shift in the world’s no. 3 economy. Industry watchers say Japan’s shoppers have become more open to buying secondhand, thanks in part to the rise of online auction sites.

“At more than 100,000 yen the iPhone 14 is too expensive and I just can’t afford it. It would be fine if the battery lasted for 10 years,” he said. The iPhone SE 2, released in 2020 but without the dual rear camera of the iPhone 14, was a “good balance” of cost and features, he said. Sales of used smartphones grew nearly 15% in Japan to a record 2.1 million in the last financial year and are likely to reach 3.4 million by 2026, according to technology market research firm MM Research Institute.Taishin Chonan bought a used iPhone 13 after the screen cracked on one of the two devices he carries for personal use. The replacement has higher resolution and a better battery and camera than the iPhone 7 he had been using.

The latest iPhones are now priced above the 100,000 yen level that is a “major psychological barrier” for many shoppers, said Daisuke Inoue, chief executive of Belong Inc., a unit of trading house Itochu Corp. that sells used phones and tablets online. Some of the devices are bought from businesses, such as tablets previously used for payments in cafes or displays in taxis, he said.

Source: News Formal (newsformal.com)

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