Apple customers throughout the United States are rushing to retail stores to make purchases ahead of April 9, when new reciprocal tariffs could lead to increased iPhone costs. Multiple Apple employees confirmed to Bloomberg that their stores experienced high customer traffic from people engaged in “panic-buying” of Apple products. The employee heard price increase inquiries from nearly every customer who visited the store. Apple stores experienced retail traffic levels comparable to holiday shopping periods during the weekend of April 5 and 6 because the company did not provide instructions to retail staff regarding customer inquiries about price increases.
The company has taken steps to prepare by accumulating iPhone supplies and other products throughout the U.S. During the last week of March, the company transported five cargo planes containing devices from India in addition to increasing Chinese product shipments during a typical low-imports season. The strategic inventory management may allow Apple to sustain its current pricing structure for several months despite rising trade tariffs.
Apple depends heavily on India as it implements its backup plans. The Wall Street Journal reports that Apple’s production of iPhones in India with 26% tariffs will enable the company to fulfill 50% of U.S. demand.
The current market shows high levels of investor concern. Since last Wednesday, Apple’s stock value has decreased by almost 20% because investors remain doubtful about the company’s reaction to the situation. Apple will address the situation during its May 1 earnings call, according to expectations, despite maintaining its public silence on the matter.
Customers maintain their buying spree to beat upcoming tariff implementation because they remain uncertain about price stability.