The hesitancy to buy expensive devices like the iPhone highlights shifting priorities in tech spending.
The iPhone 16 was released on Monday, and it has everyone talking. But with inflation hitting everyone’s wallets, many people are wondering if they can afford to upgrade. A new survey by WalletHub reveals that a whopping 63 percent of Americans say they won’t buy a new phone this year because of inflation.
The survey highlights that cost is a significant factor. With some iPhone models priced at over $1,000, 9 in 10 Americans believe iPhones are overpriced. Economic pressure has caused many to rethink their spending habits, but despite the high prices, plenty of people (40 percent) are still willing to go into debt just to get the latest iPhone.
There’s also an interesting divide in how people perceive those who always have the latest model. While 30 percent consider them wealthy, 27 percent believe it’s wasteful. And even though 42 percent of Americans think having the newest phone is important for their self-image, many are taking a step back in light of financial concerns.
WalletHub’s survey also touches on broader attitudes toward Apple. Around 65 percent of respondents see Apple as a monopoly, and opinions are split on whether it’s fair that Apple Pay is the exclusive payment method in its apps, with half of respondents finding the 30 percent cut Apple takes from purchases unjust. Whether or not that’s true is up for debate, but it’s clear that many people are concerned about Apple’s dominance in the smartphone market.
As consumers grapple with whether a new iPhone is worth the cost, WalletHub offers the Cell Phone Savings Calculator to help people make smarter financial decisions. Meanwhile, the survey results give insight into the financial pressures shaping today’s tech purchases.
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- iPhone 16: Why 63% of Consumers Say ‘No’ to Upgrading
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