No chaotic scenes today in China as Apple offered their latest iPad for sale, but business analyst Shaun Rein, and author of “The End of Cheap China” expects strong sales for the US company, he tells at CNBC.
“Sales are going to be very strong. Everybody in China loves Apple products,” Shaun Rein, Managing Director at Shanghai-based China Market Research Group told CNBC. “You’ve seen they’ve grown about 600 percent in the last two years in terms of sales.”
The company’s gadgets are regarded as prestige items in China, which Rein says goes a long way for a population that places a huge emphasis on social status.
“I interviewed a girl recently, who is 26-year-old. She makes $250 a month selling clothes and she had a $1000 iPad,” Rein said. “I asked her how she bought it and she said she skipped lunch for six months.”