The fear of soaring iPhone prices amid incoming tariffs is driving some customers to make purchases.
Bloomberg reports that Apple Store employees saw an uptick in foot traffic over the weekend amid growing concerns that iPhone prices could rise after new tariffs are imposed. iPhones, which account for the majority of Apple’s revenue, are manufactured in China, a country now facing tariffs of up to 54%.
One employee told Bloomberg the surge felt a bit like the holiday shopping season. Although many customers reportedly asked about potential price hikes, the company has not provided store employees with guidance on how to respond to those inquiries.
Apple did not immediately respond to a request for comment.
The company’s valuation fell by more than half a trillion dollars late last week, marking its worst performance over that time span in more than two decades.
The concept of iPhone panic-buying comes as Apple’s share price continues to decline. Although it could boost short-term sales for the iPhone maker, the greater impact of tariffs won’t be felt until the following quarter.
According to Bloomberg, Apple has been stockpiling inventory to brace for the tariffs and is accelerating production shifts to India, where tax rates are lower. The Times of India reports that Apple transported five plane loads of iPhones from India and China to the US in the last week of March as part of this effort to maintain stable pricing.
Apple also manufactures some of its products in other countries, including Vietnam, Malaysia and Ireland.
