According to some reports, it seems that several e-commerce sites in China have begun to slash the prices for the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. These discounts start at 550 yuan (US$50) off the normal price, so it is now 4,999 yuan (US$708) for the iPhone 11, the iPhone 11 Pro is 1,200 yuan (US$170) off, and the iPhone 11 Pro Max is 1,600 (US$227) off. In times of economic uncertainty such as this, cutting the price of the current iPhone models may be a better move than Apple releasing a new, "low-cost" iPhone 9 or iPhone SE 2, or whatever it's going to be called.
Honestly, I think Apple should consider cutting the cost of the current models, instead of releasing a new iPhone that is designed to be for the low-end market. Think about it — the current iPhone 11 line is already half a year old, and given the current situation around the world, people don't want to go drop over $700 for a new phone right now. Plus, carriers are having deals on new phones with new lines all the time, so the concept isn't exactly new here in the U.S.
Plus, with all of the rumors circulating that there is going to be a new low-cost iPhone SE (or 9 or whatever) releasing this month, I just don't think it's wise. I've never really been a big fan of releasing a new iPhone halfway through the usual product cycle, and this new iPhone SE would be doing just that.
I also believe that having yet another addition to the iPhone line would just add more confusion for consumers who aren't into tech (especially older folks), with questions like, "What's the difference between these phones? They look the same," or "Why doesn't this iPhone have the X feature of that one?", and the like. Believe it or not, there is a complete world out there of people who aren't into tech like you and me (le gasp!)
Another reason why I think it would be beneficial for Apple to slash the prices, even just a little, is because it would help boost their sales. We're in an economic lull right now, and people perhaps don't have the funds to drop on a phone that is in the upper hundreds to a thousand dollars. If even the base iPhone 11 price drops, it may be more appealing for those who need a new phone at the moment. Consumer demand is low right now, so maybe some lower prices (assuming people have the funds to spare) could help.
Whatever the case may be, a lower price for an iPhone could benefit everyone right now. I know Apple isn't the company to make their products more affordable for most people, but we've never been in a modern day pandemic before either.