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As Apple prepares for the global release of its highly anticipated Vision Pro mixed reality headsets, an interesting trend is unfolding in China, where tech enthusiasts are encountering a unique challenge – the emergence of a grey market where prices are skyrocketing.
The Vision Pro has ignited a buying frenzy in China, leading resellers to capitalize on this demand by doubling the original asking price. Reports indicate that eager customers are willing to pay twice the official rate to secure the high-tech headset. The initial price range of $3,499 to $3,899, depending on the model, is being overshadowed by inflated rates in the grey market.
This phenomenon is not entirely new and aligns with the practice known as Daigou. Daigou involves agents traveling abroad to purchase luxury items, which are then resold at marked-up prices in their home country. While the pandemic had temporarily subdued this market, the easing of travel restrictions has triggered a resurgence. With the launch of Apple's Vision Pro, Daigou sellers are once again active, promising deliveries from the U.S. to China.
The Vision Pro is anticipated to make a significant impact in the mixed reality sector, an arena where companies like Meta and Pico have previously ventured with limited success. Apple's entry is perceived as a potential game-changer, capable of revitalizing the market. Industry experts foresee this as a turning point for VR/AR technologies, projecting significant growth in headset shipments this year.
However, the industry is not without its challenges. Major VR brand Pico recently scaled back operations due to lower-than-expected sales. Yet, with Apple entering the scene, the dynamics of the augmented and virtual reality market may undergo a transformative shift.
For Apple, the venture extends beyond adding another product to its lineup; it represents a strategic move to diversify revenue streams. Given that the iPhone remains a primary revenue generator, the Vision Pro opens up a new avenue, particularly in tech-centric markets such as China.
