World famous consumer brands including Apple, Louis Vuitton and Gucci have announced their decisions to cut their suggested retail prices to give the gains from China's value-added tax (VAT) cut to consumers.

China on April 1 started to slash VAT in multiple industries.

Apple's online store in China lowered the price of iPhone XS and iPhone XS MAX by 500 yuan ($74.6), while that of iPhone XR dropped 300 yuan ($44.7). Its newly launched iPad Air, iPad mini and AirPods are also on the price-cut list.

Luxury brands Louis Vuitton and Gucci have also announced a drop of 3 percent for their whole product lineup.

Car manufacturers including Mercedes-Benz, BMW, Audi, Lincoln and Volvo have already cut the suggested retail prices of cars as much as 80,000 yuan ($11922.1) over the past weeks after China announced VAT rate cut.

China has set out a plan for the large-scale tax cut, including lowering the VAT rate in manufacturing and other industries from 16 to 13 percent and that in transportation, construction and other industries from 10 to 9 percent.