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© Reuters. FILE PHOTO: Men walk in front of a Louis Vuitton luxury goods company store in Beijing
BEIJING (Reuters) – Apple Inc. (NASDAQ) and other mainstream brands lowered prices for their products in China on Monday as a result of the reduction in the value-added tax (VAT) rate in the country.
The price tags of the products listed on the Apple China website were reduced Monday morning, including a discount of up to 500 yuan ($ 74.44) for some of its latest models. iPhone.
Suggested retail prices for brands such as LVMH's Louis Vuitton and Kering's Gucci have also been reduced by about 3%, according to local media.
It followed announcements from BMW AG and Mercedes-Benz, announced last month, that prices for several car models would drop as a result of the tax changes.
Apple declined to comment on price cuts, while LVMH and kering (PA 🙂 did not immediately respond to requests for comments.
In March, Beijing announced that it would reduce taxes and royalties by nearly 2 trillion yuan for all businesses in 2019. The manufacturing, transportation and construction sectors should benefit as it This is to stimulate the slowdown in the economy.
The second largest economy in the world is growing at its weakest pace for nearly three decades due to declining domestic demand and an ongoing trade war with the United States.
Several Chinese electronics retailers dropped prices of iPhones in January, offering discounts of up to $ 118 on the latest models, after lower than expected sales by the end of 2018.
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