The craze comes as no surprise. When the first-generation iPad hit US stores last April, Thais got their hands on them in a matter of days thanks to the vendors who hand-carried and sold them at MBK Center, a major IT product marketplace.
One of Bangkok's worst-kept secrets is that MBK is always the place to find hot new products from Apple including the iPhone and iPad days after their US launches if you are willing to pay extra. Several vendors smuggle them in and enjoy hefty profits during the lag time before the official Thai launches.
For iPad 2, the mark-up is now 6,000 baht ($200), according to Monkolroek Poonpat, a vendor at MBK Center.
His shop has sold 20 units of the iPad 2 a day although the prices are dropping in line with an increasing supply.
Currently, the 16GB WiFi-only iPad 2 can be had in Bangkok for 20,000 baht (the official US Apple Store price is $499). The 64GB and 3G models are sold for 34,000 baht each (the official US prices are from $699 to $829 with data contracts with mobile phone operators). The prices even at the grey market have dropped from a range of 25,000 to 50,000 baht when they were first launched.
"It's normal to see the prices of gadgets sliding down over time," he said, adding that so far iPad 2 prices have cooled down slightly after Apple made the products available at iStore shops in 25 countries late last month, meaning the products can be bought in countries closer to Thailand.
Last week, iStore shops in Thailand cut the prices of the first-generation iPad by 200-500 baht to the range of 12,700 to 20,400 baht. The move might be in response to Samsung's decision to cut the price tag of its 7-inch Galaxy Tab, iPad's closest competitor, by 4,000 baht to 14,900 baht on April 4. It could also be due to the planned iPad 2 launch.
In the meantime, strong demand means the longer the lead time before the Thai launch, the bigger the opportunity for MBK vendors to make money.
"People just can't wait for the official launch. Even as the prices of the iPad1 or Samsung Galaxy Tab are coming down, they can't be swayed," said Mr Monkolroek.
With the impending launch of the real thing, its price at MBK will further decline as generally the authorised stores will set their prices at not more than 1,000 baht higher than the prices in the grey market.
Even though the iPad created quite a stir after its launch, it does not seem to be able to defy gravity. The models now start as low as 13,000 baht and are not selling well, especially since Apple introduced the iPad 2.
He added that Apple was still the best-selling tablet brand despite its higher price due to its sleek design and image as a fashionable product.
While Apple has not confirmed the iPad 2 official launch date for Thailand, it can't be far away since it will debut in Singapore and Hong Kong this month.
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