Update: On September 12, 2017, Apple announced the starting prices of $699 for iPhone 8, $799 for iPhone 8 plus and $999 for iPhone X.
The iPhone 8 is expected to carry a minimum price of $1,000. This has caused a mini-outcry in the media with claims that the price will turn away loyal buyers and damage sales. On the other hand, Apple enthusiasts seem completely unaffected. If you go by the past trends, the new iPhone will sell faster than its predecessors and the fact that it's more expensive may actually make the phone more appealing. Simply put, you can expect the usual buying frenzy once the iPhone 8 hits the stores. Here are three reasons why.
1. It's an iPhone.
This may not mean much to you if you're not a die-hard Apple fan. But for those fanboys/fangirls who are fiercely loyal to the company, the price is irrelevant. Sure, the price may sting, but the cost will quickly be justified. It's also no real surprise because Apple's products have always carried a premium price tag.
The point is people don't buy Apple products for the functionality. An iPhone represents an attitude, a brand, and deeply rooted consumer activation. If you try to compare the iPhone 8 to other phones, you won't understand why people want it. It's not a simple apples-to-apples comparison (pun unintended). It's more of a tribe thing.
2. It's exclusive.
The new iPhone will be available in limited quantities, and with the iPhone 8, iPhone 8 Plus, and mysteriously appealing 'iPhone X', that exclusivity becomes exponential. The first batch will be available within two weeks of the launch day and it's not clear why the number of units will be lower than usual. One could speculate that it's due to production or a way of Apple creating false scarcity, thus increasing demand (it's 'genius' -- see what I did there?). Either way, exclusivity is part of Apple's brand appeal.
Many people are willing to wait in line for hours and pay a premium to be the early adopter. So the fact that the iPhone 8 may be hard to get will only serve as a catalyst for sales. Don't be surprised if you see people attempting to resell 2-3x the original price, too.
3. Novelties galore (the kind that don't wear off).
If the leaks are in fact true, the new iPhone design is the best one to date. The sleek, edge-to-edge screen alone is enough to make you want it. Its "TrueTone" technology means that the screen will adjust its temperature according to your surroundings and as a result, you'll get much crisper and richer color reproduction. Sounds scientific enough to me.
Then comes the 3D-sensing camera allowing you to unlock the phone using just your face. There might be some concerns about the accuracy of facial recognition, but it's a novelty that won't lose its appeal. With the 3D-sensing tech, you can surely expect Apple to conjure some great augmented reality apps, too.
As for the leaked features, the phone is expected to include a faster A11 processor, wireless charging, and a glass body. You can be sure that it will 'wow' you once you get the phone in your hands.
Despite the speculation of the price being too high, the iPhone 8 will sell like hot cakes. Apple fans are already restlessly counting down the hours (and minutes). Get the popcorn ready.
Correction: An earlier version of the headline on this article misstated the price of the iPhone 8. The starting price is $699.