Electronics retailers have cut laptop prices by millions of dong (VND 1 million = $42.62) this year, but have been unable to spur sales as consumers remain wary of spending.
The price of a MacBook Air M1 was cut by VND3 million since early January to VND17.9 million (US$758.5) in April. It is down by VND11 million since its launch in January 2021.
The prices of newer Apple laptops like the MacBook Air M2 have also fallen quickly, coming down within seven months of launch from VND32.9 million to VND26.4 million now.
The manager of an Apple distributor said prices had to be slashed to cut inventories and ensure cash flows.
The inventory in the market is equivalent to 8-12 months of sales, according to the manager.
Laptops sales were high in the first four months of 2022, with MacBook Air M1 accounting for more than 50% of revenues.
But this year, consumers have tightened their purse strings, causing the market to plunge, the manager said.
Laptops running on Windows have also seen prices decline.
Electronics retail chain The Gioi Di Dong has cut the prices of Chuwi LarkBook X N5100 to VND5.7 million from VND12.8 million and MSI Gaming GE66 Raider 11UH i7 to VND38 million from VND78 million.
Retailers said profits from laptops were down 40-50% year-on-year in the first four months.
According to Nguyen Lac Huy, the manager of a CellphoneS store, retailers have had to slash laptop prices due to high interest rates, abundant supply, low cash flows, and weak demand.
The leading PC distribution company manager said most people bought laptops and desktops in 2021-22 when they needed them to work or study online during Covid.
Now, especially with the economic downturn, they are no longer buying new devices, he said.
According to research firms Gartner and IDC, global computer shipments fell by 30% in the first quarter to usual levels as life returned to normal after the pandemic.
According to Bao Viet Securities Company, the laptop segment’s profit in the first quarter of 2023 it decreased by 39.1% year-on-year.
It forecast sales to drop further in the second quarter, rise sharply in the third and decrease slightly in the fourth.