Apple made huge gains from demonetisation announcement; sold over one lakh iPhones within three days

One of the companies that made big gains from demonetisation is Apple. As soon as the announcement was made, people rushed to buy iPhones from their old currency notes, surging sales.

Many stores sold iPhones and booked sales through back-dated receipts. According to estimates, more than one lakh iPhones were sold within three days.

Thanks to demonetisation, Apple will be the only phone maker to meet sales target in November. Its sales during the month are estimated to have grown by 20-30% while handset sales, as a whole, are down compared with the year-ago period, said four industry executives.

As per Counterpoint Technology Market Research, Apple India was on course to reach its estimate of selling 1 million iPhones in the quarter. It had shipped 4 lakh handsets in October, according to Counterpoint.

"There is still a novelty factor for iPhones amongst Indian consumers since it is the costliest handset, and people were buying multiple units for themselves and to gift,” Subhash Chandra, managing director of South India's leading cellphone retailer Sangeetha Mobiles, told ET.

Meanwhile, iPhones sales saw a drop in the grey market.

"iPhones had a vibrant grey market that completely disappeared after demonetisation, boosting sales in large retail chains,” Subhasish Mohanty, who heads the business at 450 stores of the chains Spice Hotspot, Mobiliti World and UniverCell, told ET.