Apple Customers in Turkey Being Turned Away at Retail Stores as Halt on Product Sales Continues

[TallManNY]

Apple products hold their value so well and there is such a robust market for them, that I could see a quick run on buying the Apple products as a way to convert Lira into something that is portable and of relatively stable value. Most likely that didn't happen, but I could see if happening if the situation got worse.

 

[ericwn]

Apple products hold their value so well and there is such a robust market for them, that I could see a quick run on buying the Apple products as a way to convert Lira into something that is portable and of relatively stable value. Most likely that didn't happen, but I could see if happening if the situation got worse.

You’d really invest in a computer or tech gadget with a lifespan of a few years as an investment in times of currency fluctuations rather than say gold? I’m sure the latter retains its value much longer.

 

[TallManNY]

You’d really invest in a computer or tech gadget with a lifespan of a few years as an investment in times of currency fluctuations rather than say gold? I’m sure the latter retains its value much longer.

Gold fluctuates in value pretty dramatically and the local supply probably got snapped up pretty quick in the current environment (or the local price rose quite a bit). On the other hand iPhones/Macbooks decrease in value predictably. This would definitely not be a good plan for a way to store wealth for even as long as a year. But for a three-month hedge, it could work.

It isn't at all unusual for societies seeing dramatic inflation to have dramatic buying sprees as folks look to move their cash into goods as fast as possible. Apple products are expensive, small, and have predictable short term valuation. Admittedly it is a somewhat farfetched scenario. But Apple products would be one of the things that I could see folks buying if they lose faith in the currency in their pocket/bank account.

 

[bingeciren]

Judging from some of the posts here, some people have wrong ideas about how Apple Stores operate in Turkey, or in any other foreign market.

Among many other parameters, Apple establishes their prices according to the currency exchange rate and updates them when necessary. When the exchange rate stays within the set limits, prices remain the same. Usually, there is enough time to re-evaluate the existing prices and update them when necessary, as it was done in the past.

The current situation in Turkey is different this time, because the devaluation of the Turkish Lira was so fast that there was not enough time to be able to update prices. Hence, Apple decided to stop sales until things settle down.

To give an example, the new iPad Mini 64 WiFi was selling for 5800 TL, which was about 640 USD before the TL/USD crash. Suddenly. over a period of couple of days, when the exchange rate climbed to 13.5 TL/USD the price of the Mini became 430 USD, which is way below the price in USA. Also another important fact is that the Turkish retail prices includes 18% VAT and a 2 year warranty.

Another misconception among some of the forum members is that the tourists can pay in USD at Apple stores in Turkey. If you are a tourist, and/or have a US Credit Card, you can shop at an Apple store in Turkey, but you will be billed in Turkish Liras and your card issuer will convert that to USD at their exchange rate, which is usually higher than the free market rate.

As of this writing, Apple Turkey have updated their prices and started the sales again. They added about 20% to 30% to their prices. The 5800 TL iPad Mini now sells for 7200 TL, which is a 24% jump and the iPhone Pro Max 256 now sells for 24200 which was 19000 a week ago and that is a 27% increase.

The exchange rates have stabilized somewhat and the TL/USD hovers around 12 TL = 1 USD currently.

 

[ponzicoinbro]

And which outcome do you seek in order to revert the situation in Turkey?

Turkey also has a clown religious conservative in power who has taken control of the country’s finances.

Get rid of religious conservative clowns. The year is 2021 not 1021.

 

[Bodhitree]

Turkey also has a clown religious conservative in power who has taken control of the country’s finances.

Get rid of religious conservative clowns. The year is 2021 not 1021.

Hmm, unfortunately he was elected, so it seems quite a few people want him there. Sad.

 

[ponzicoinbro]

Hmm, unfortunately he was elected, so it seems quite a few people want him there. Sad.

Because what religious fundamentalism and nationalism does is maintain a degree of poverty and illiteracy so they can always manipulate and use the anger of that part of a population. Trump, Bannon and Thiel’s crowd have been experts at using that in the US.

 

[ericwn]

Turkey also has a clown religious conservative in power who has taken control of the country’s finances.

Get rid of religious conservative clowns. The year is 2021 not 1021.

Fair point, religious muppets should not be the head of any civilised country.