Sell family jewels for latest iPhone? In India, craze dials up debate

Tens of thousands of people gathered at Apple stores across India to purchase the latest iPhone models – the 18 Pro and Pro Max – but this consumer frenzy has sparked a public debate about affordability and consumer debt. The iPhone 18 Pro starts at 164,900 rupees (US$1,700) and tops out at 179,000 rupees, while the iPhone 18 Pro Max begins at 179,900 rupees and reaches a maximum of 329,900 rupees.

Apple also introduced the iPhone Duo, its first folding smartphone, with the premium version priced at 449,000 rupees (US$4,700), breaking the 400,000 rupee barrier for the first time in India.

The enthusiasm among consumers, with some waiting in lines for hours, highlighted how India, the world's second largest smartphone market by volume, has become one of Apple's fastest-growing sales sources. IDC analyst Navkender Singh predicted that the iPhone Duo would sell well in India despite its high price point, citing the brand's "luxury halo" effect. He noted that the high price is due to the device's imported status and the lack of local production, making it a symbol of wealth and affluence.

This demand for luxury devices has led to discussions on social media about how young Indians with moderate incomes are increasingly using long-term, zero-cost monthly installments to finance purchases beyond their means. A man from New Delhi gained attention on social media after selling inherited family jewelry to buy his wife an iPhone 18 Pro. Memes have also compared the cost of the iPhone Duo to major financial milestones such as buying a car, funding education, or purchasing gold.

Critics have pointed out the significant price disparity between Indian and US iPhone models, citing India's 18% goods and services tax and the higher cost of importing fully-built units. Despite the high prices, Apple's average selling price in India remains above US$800, while the average smartphone price in India sits between US$150 and US$250. This price gap underscores Apple's strong presence in the Indian market.

However, despite the criticism about affordability, iPhone sales continue to grow in India, reflecting the device's utility and status symbol. "This is one of the most important things we use every day," said Singh, noting that people rely on their phones for daily life. Yet, the high prices have also bred heartache, with some people selling family heirlooms to keep up with payments.

The affordability debate has intensified recently following a tragic incident where a teenager bought an expensive iPhone but couldn't afford the repayments, leading him to take his own life along with his parents. Apple has always cultivated an aura of excitement around its products, which fuels consumer willingness to go to great lengths to acquire an iPhone.