Apple iPad: Cheapest Places in the World to Buy
Looking where to purchase your next Apple iPad? You need not look farther.
Australia is the 4th cheapest country where Apple iPad users can purchase their 16GB iPad with a retina display, as reported by CommSec economists Craig James and Savanth Sebastian.
Apple's latest WiFi-only 16GB iPad with retina display costs $A539 ($US506.66). This is the fourth cheapest in the world at the current exchange rate of $US0.95. The Apple 16GB iPad in the U.S. costs $499, excluding tax.
CommSec's iPad index released on Monday compares the price of the Apple iPad in 46 countries to put side by side the effect of currency changes on consumer spending, globalisation and retailer margins.
Based on a tweet from Mr James, he hinted that through this iPad index, it can be implied that the AUD was now "fairly valued."
CommSec iPad index now out: Australia is 4th cheapest of 46 nations to buy a 16gb iPad with Retina display. Aussie $ now fairly valued? ^CJ
— CommSec (@CommSec) September 23, 2013
In terms of the exchange rates and pricing, CommSec reported that Malaysia ($US473.77), Hong Kong ($US501.52) and Japan ($US501.56) are the cheapest countries where to buy an iPad.
Malaysia is the world's cheapest country to purchase your Apple iPad, while Argentina has the most expensive iPad at $1,094.11, more than double the cost in Malaysia.
CommSec said that Australia's place at the iPad index suggests that the Australian dollar is appreciated as well as the local pricing by Apple.
"Since we began the CommSec iPod index in January 2007, Australia has always been one of the cheapest places in the globe to buy an iPad nano media player. In fact, Australia was the cheapest place to buy the popular media player in both October 2008 and December 2009.
Changes in Australia's relative position reflect the appreciation of the Australian dollar as well as local pricing by Apple."
CommSec said that shopping sites and the ability of the Aussies to travel compelled Apple retailers in Australia to be competitive. If retailers were not quick to respond to exchange rates then Aussie shoppers will naturally purchase overseas for imported items.
The CommSec iPad index report began in 2007 as a modification of The Economist's Big Mac Index. In 2012, Mr James said that both the iPad Index and The Economist's Big Mac Index work around the concept that "same good should trade at broadly the same price across the globe if exchange rates are adjusting properly"
Back in 2010, Australia ranked no. 3 out of 10 cheapest countries to buy an iPad. However, in 2012 Australia ranked no. 15 when the AUD was worth $US1.05. During this time, CommSec said that AUD was "around 5% over-valued against the greenback.