Apple May Postpone September Release of New iPhone

Silicon Valley giant fears consumers will not be ready to buy the $1,000 device in a slumping economy

Apple is considering postponing the September release of its new 5G-enabled iPhone over concerns consumers would be less inclined to buy it in the slumping economy caused by the coronavirus pandemic, according to a report from Business Insider.

The Cupertino-based tech giant indicated it's worried "the current situation would significantly lower consumer appetite to upgrade their phones," Business Insider reported, citing a Nikkei Asian Review report last week.

The company told Reuters its supply chain will recover in time to produce the new iPhone, but the demand likely won't be there, Business Insider said.

The new iPhone could cost about $1,000.

On March 16, Apple closed all its stores outside China for a period of two weeks. It was unclear if the timeline on those closures would be extended.

In February, Apple warned investors that the virus outbreak that started in China would cut production and sales of iPhones.