Stocktake Australian Consumer Primer for 26 June 2026 – Apple price rises, JB Hi-Fi, May household spending, Woolworths, Coles

Research evidence excerpt

Stocktake Australian Consumer Primer for 26 June 2026 – Apple price rises, JB Hi-Fi, May household spending, Woolworths, Coles

J P M O R G A N Asia Pacific Equity Research

26 June 2026

Stocktake

Australian Consumer Primer for 26 June 2026 – Apple

price rises, JB Hi-Fi, May household spending,

Woolworths, Coles

ACKey themes we are exploring today: AustralianBryan RaymondConsumer Sector

(61-2) 9003-6750

• JB Hi-Fi to see impact from Apple Mac and iPad price increases of 15% bryan.raymond@jpmorgan.com

- 20%. Apple announced overnight that global prices across the Mac and iPad Christina Kim

(61-2) 9003-7082

range will step up by 15% - 20%. Apple has so far attempted to absorb memory christina.kim@jpmorgan.com

and storage price increases, but is now seeing a significant step up in ASP. See J.P. Morgan Securities Australia Limited

Samik Chatterjee’s view on Apple following this move here. Australian pricing

has increased by a similar proportion, despite a higher AUD/USD. Our

feedback indicates Apple has taken share over the CYTD given a lack of price

rises, in contrast to competing PC brands, which have seen larger increases to

date. Product shortages have resulted given the relative value. We expect

customers to trade down, offsetting much of this LFL price increase in category

ASP. With strong demand in the category, we do not expect these price

increases to result in significant unit volume declines. JB Hi-Fi faced gross

margin pressures in April and May as slower stock-turning competitors were

able to offer lower prices on computers than JB Hi-Fi given the presence of

inventory purchased prior to the price increases. We expect JB Hi-Fi to have

learned from this experience and attempted to build stock ahead of this Apple