AirTag Battery
I plan to use my AirTags on my luggage. Is there a way to turn off the AirTag when I am not traveling to preserve the battery?
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The only way to power it off, would be to remove the battery ... which, of course, would defeat its purpose. The AirTag battery should last a considerable amount of time and you may find this technique not to your advantage.
Ref: How to replace the battery in your AirTag - Apple Support