Lucky 8? $1,000 price tag lowers iPhone enthusiasm in China WHAT TO EXPECT AT THE EVENT

Apple will launch an expected “iPhone 8” on Tuesday, hoping the number’s auspicious connotations in China will help turn around fortunes in the world’s biggest smartphone market after six quarters of falling sales.

Chinese shoppers, however, are already counting the cost, with the latest model tipped to have a price tag upward of $1,000 —roughly double the average Chinese monthly salary.

The success of Apple’s next iPhone in China is crucial for the Cupertinobased firm, which has seen its once— coveted phone slip into fifth position in China behind offerings from local rivals Huawei Technologies, Oppo, Vivo and Xiaomi.

Greater China, which for Apple includes Taiwan and Hong Kong, accounted for roughly 18 per cent of iPhone sales in the quarter ended in July, making it the company’s top market after the United States and Europe. Yet those sales have been declining steadily and are down 10 per cent from a year earlier, in contrast with growth in all other regions.

And the iPhone’s share of China’s smartphone shipments fell to 9 per cent in January-June, down from 14 per cent in 2015, showed data from consultancy Counterpoint Research.

While the iPhone 6 took China by storm in 2014, models since have received a more muted response.

“I’ll wait for a drop in price, it’s too expensive,” said Angie Chen, 23, a project manager in Nanjing and iPhone 6 owner.

Chen said she might even wait for the new phone’s successor, when prices will fall. “It’s a nice number to hear, but there’s no rush.”

Eight is the luckiest number in China because it sounds similar to the phrase meaning “to get rich”.

“Apple really needs to launch a very innovative product this time around,” said Mo Jia, Shanghai-based analyst at Canalys. However, the rising clout of local rivals would nevertheless make life tough for the US firm, he said. “It has its work cut out.”

The iPhone 7 suffered from the perception that it was too similar to earlier models. This time, despite talk of wireless AtTuesday’s eventatthe Steve Jobs Theatre on Apple’s new campus, the Cupertino-based giantis setto unveil three iPhones, including two thatare upgrades to the iPhone 7 and iPhone 7 Plus called the iPhone 8 and iPhone 8 Plus and a premium model called the iPhone X. Also expected are upgrades to the Watch and Apple TV. Alookatthe likelynewfeatures: | Newdesign | Edge-toedge screen | No home button or Touch ID; 3D face unlock instead | Inductive charging | A faster processor | 4Kvideo streaming | HDR video streaming Faster processor Improved Live TV integration charging, advanced touch screen and facial recognition technology, Chinese netizens are yet to replicate the online mania around previous iPhone launches.

Mentions of “iPhone 8” on popular Chinese social media platform Weibo - an indicator of consumer interest — were running slightly ahead of the similar period before the iPhone 7 launch, but were far more muted than with the iPhone 6.

Apple declined to comment on the new phone, price or supply.

One effect of Apple’s costliest phone to date will be the rise of sales on credit.