Apple Watch fuels an active resale market in China
BEIJING — Clasping his brand new Apple Watch, Zhang Rui looked like a happy customer in central Beijing on Friday. Then he looked for buyers.
Full-time reseller Zhang aimed to offload the $420 watch — and several other models he secured — at a $160 markup to those unwilling to wait several weeks for the new gadget that officially launched Friday.
The smartwatch, which starts at $350 and goes as high as $17,000 in the U.S. and costs more in China, is not for sale at Apple stores due to limited inventory. It began shipping Friday to customers lucky enough to grab one of the gadgets early in the pre-order process online.
"I'm confident the watch will sell well, as it's new, and an excellent gift for bosses or clients," Zhang said while standing outside one of Apple's four stories in the Chinese capital. "People in China always want to be the first to give others a new product."
Chinese crowds have battled to gain access to new gear in previous Apple launches. In contrast, Friday's debut proved low-key as the stores only had watches on display. A dozen people waited outside the Sanlitun store in a trendy Beijing district to get a glimpse at the 38 different models being showcased.
Wang Wen, 25, was under orders from his IT entrepreneurial boss to pay a reseller no more than $50 over the retail price. "I wish I could afford one," he said. "I think Apple products are high quality and look good."
At a training workshop inside, Zuo Weijun, a real estate company manager, expressed frustration that his $840 choice wouldn't arrive until June. "I like the gold ones too, but they are too expensive," he said of premium models.
"I often have business trips abroad, so I like its multi-time zone function and the health apps," said Zuo, 50, who already owns two smartwatches and planned to buy a MacBook Air on Friday as well. "Although I'm old, I like to keep up with trends."
Trying out a model on display, Jiang Hong, 40, said she would buy a $650 Apple Watch as a surprise for her 16-year-old son, who will attend high school in Canada this summer, part of a growing trend among wealthy Chinese to send children overseas for pre-college study.
"He loves the whole range of Apple devices, and I hope it will remind him about his schedule and activities in a new place," Jiang said.
Besides counterfeit versions of the Apple Watch, China boasts several domestic smartwatch brands. At Beijing's Buynow computer mall, vendor Zhao Yu talked up the virtues of a $300 model from telecom giant Huawei. "The Apple Watch is too expensive now, its price must fall closer to $300, or most consumers won't buy it," he said.
Back at the Apple store, clothes designer Tony Li attended a training workshop to weigh whether he needed the new device. He enjoyed the heartbeat display, whereby the watch vibrates and shows your heartbeat in real-time, but Li, 24, stumped an employee with several technical queries.
His conclusion? "I won't buy until I discover all its advantages and disadvantages," Li said.
Contributing: Sunny Yang