I think you’ll see a new, updated mini at the lower price point. Why? This is based on anecdotal experience, but a mini fits much better into a purse than a 9.7”. My daughter just bought a keyboard for her mini and uses it to take client notes on the go. I just offered to buy my wife the 9.7 iPad to read emails and Facebook in bed at night (she loves her SE but it’s a pain for her to read at night) and instead she offered to switch with my other daughter for her old mini. My wife has friends that carry the 9.7 from the Black Friday sales in their pocketbook and they would have preferred something smaller but this hit the price point. Me? I want the 12.9 but refuse to pay their price for it so I’m at my Air 2 for the moment unless I decide to trade it in... i’ll decide that after I see hers. The way I look at .. the Air2 is worth a $185 in trade in. My daughters new iPad was $410 after AppleCare and tax. So for a little over $200, I get a new device and an extra 2 years warranty. I never take pictures and rarely use it outside so it doesn’t matter.
Apple probably doesn't anyone to carry a low price iPad mini a purse. They want you to carry the 6.5" iPhone coming this September for $1,149.