Despite being a major player in the oil industry, due to its continuous conflict with the US, Venezuela’s economy has been declining the last few years. Inflation is a critical issue in the country. America’s sanctions towards the region have also resulted to the plummet of oil prices; which is the main product that Venezuela exports.
Overall the financial situation of the country has certainly brought a decaying economic model. Hence, the technology market in Venezuela is very limited – especially when it comes to premium handsets – and features a slew of shocking price tags. Apple’s (NASDAQ: AAPL) flagship handset, the iPhone 6, retails for 300,000 bolivars, which is equal to around $47,000 and the available units for purchase certainly do not surpass a triple digit number. Samsung’s (NASDAQ: SSNLF) handsets cost approximately $3,000, which supply is quite limited as well.
Wealthy locals often opt for more affordable options, usually devices from Chinese manufacturers.
Due to the uniqueness of smartphones in the country the unremitting rise of crime is worrying. According to local police, during spring time more than a hundred stolen phones were reported in the city of Chacao. So as you may have already figured out, a smartphone owner in Venezuela cannot possibly maintain a low-profile.
One can realize how terrible the condition of the respective market is if he looks up what you can actually purchase with $47,000 in the US or other developed regions from around the globe. More specifically, in Australia the 2015 Ford Mastung – the beloved US muscle car – will set you back $45,000. In Europe, with the same amount of money – $47,000 is around 42,000 euros – you can buy the brand new Audi A3 with the 2.0-liter engine and all-wheel drive (Quattro).
