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iPad 2 sold out, mostly to iPad virgins

Something about the iPad 2 must've clicked for first-time iPad users, because they represented 70 percent of those who stood in lines, pre-ordered and snatched up the latest Big Thing from Apple, leading to a likely sell-out within a day. 

Based on interviews with 236 potential buyers in New York city and Minneapolis and phone calls to retailers, a team of analysts at global investment bank Piper Jaffray released a survey Sunday that estimated sales of 400,000 to 500,000 iPad 2s (compared with 300,000 first generation iPads in its first weekend last year), with nearly all sold within one day. Customers were out of luck, as the iPad 2 was out of stock by Saturday. In calls to retailers (such as Apple stores, Target and Best Buy) over the weekend, the team could not locate a single iPad 2. 

Gene Munster, who led the team, made particular note of the newcomers to the iPad in remarks to Fortune:

"We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market. As the user base grows Apple's lead widens, and the company has a proven track record of building unmatched brand loyalty, which we believe will be a potent combination as the tablet market evolves."

Fortune also reported another team from Deutsche Bank making similar calls Friday evening to about 100 stores (50 Apple retail stores, 20 Best Buy and Wal-Mart stores and a handful of AT&T and Verizon stores), and confirming the same results: sold out. Deutsche Bank's Chris Whitmore said they believed this was "one of the company's most successful product launches to date."

Other findings from the Munster team survey:

  • Buyers were split almost evenly between Mac and PC users (51 vs. 49 percent). Apple fans were overwhelming in the split for the original iPad: 74 percent vs. 26.
  • Almost half of the buyers surveyed — 47 percent — walked away with a 3G model.
  • The 32-GB model gained in popularity, with an increase from 32 percent to 41 percent. Buyers also gravitated more toward the 64-GB model, which would give the iPad 2 a slight edge over the first iPad in average selling price.
  • Kindle owners made up 24 percent of the iPad 2 buyers, while 65 percent owned iPhones. Only 6 percent planned to read on their iPad, which was a drop from the 19 percent in Piper Jaffray's first iPad survey.
  • Apps and games continue to appeal to iPad owners, with an increase to 17 percent from 9 percent who plan to use those on their brand spankin' new iPad 2's.

You can see more of the survey below:

 

Keen readers over at Fortune pointed out a discrepancy in the first column of question 3: that it doesn't make sense.

More iPad 2 stories:

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