Morgan Stanley: consumers will spend $30 billion on the iPhone X in the fourth quarter

Morgan Stanley expects consumers will spend roughly $30 billion on the iPhone X in the fourth quarter, a “significant headwind” for traditional retailers as consumers will likely divert money away from spending on things like clothing, reports The Wall Street Journal.

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The global financial services firm expects sales at department stores and footwear sellers to fall 0.4% in the fourth quarter. iPhone X pre-orders started Friday, Oct. 27; the first units are supposed to be available on Friday, Nov. 3. It comes in 64GB and 256GB models with pricing starting at $999.