Mumbai is far more affordable than New York – for most things.
Movie tickets, taxi trips, and fancy dinners cost 17% to 33% less in India’s financial capital than they do in the Big Apple, according to latest data by Deutsche Bank’s research arm.
But certain things still come at a premium. Namely, the iPhone XS, which is priced a whopping 131% higher in Mumbai than in New York.
Petrol is the only other item on the list that’s relatively more expensive in Mumbai than in New York.
Petrol in India is among the most expensive in the world courtesy crude oil prices rising globally, the rupee weakening, and high taxes.
The iPhone story
The expensive rate card for Apple’s products isn’t news to Indians. For a few years now, all its products – MacBooks, iPads, Apple Watch – have cost more in India than elsewhere in the world. Even CEO Tim Cook has recognised that the iPhone’s price tag is too high.
The iPhone XS, which was released by Cupertino-headquartered giant in September 2018, costs $1,635 (Rs 1.14 lakh) in India, compared with $1,250 in the US. The India price of the device is fourth-most expensive in the world.
The main reason why Apple’s products are expensive in India is the high import duties. In addition, since Apple sells in India via third-party retailers, the price gets further inflated to factor in their fee.
The trend may reverse when Apple opens its direct stores in the world’s second-largest smartphone market, which has been in the works for years. And eventually, producing high-end Apple devices in India is the only way to give Indians a break from sky-high prices.
This article first appeared on Quartz.