Personal finance website WalletHub has released their 2024 iPhone Survey, revealing some interesting findings. According to the national consumer survey, 63% of those polled indicated that inflation will keep them from buying a new phone this year. The survey seems to indicate that consumers are feeling crunched by the economy, and that this impacts how they view the latest iPhones.
Key stats:
Impact of inflation: 63% of people say that inflation will keep them from buying a new phone this year.
Too expensive: 9 in 10 Americans think iPhones are overpriced.
Debt dilemma: More than 2 in 5 Americans think buying a new iPhone is worth going into credit card debt.
Rich or wasteful? 30% of people categorize someone who always has the newest iPhone as rich, while 27% think of them as wasteful.
Keeping up appearances: 42% of Americans think that having the latest phone is important for their self image.
Do not pass Go: 65% of people think Apple is a monopoly.
WalletHub also provided commentary from experts to clarify some of the survey’s findings. Here is an excerpt:
WalletHub’s survey found that 63% of Americans will not buy a phone this year due to inflation. What tips do you have for people who want to save as much money as possible on a new phone?
“When buying a new phone… Start by identifying the features that are most important to you and which ones you can do without… By narrowing down your options to phones that excel in the features you care about and ruthlessly eliminating those with extras you do not need, you can save money…The monthly costs for phone service can add up quickly, so it is worth shopping around and doing the math of buying a phone separate from the carrier. Look into different carriers, including virtual carriers like Tello, Mint Mobile, Visible, or Google Fi, which often have lower costs. While these carriers might not include the latest phones in their plans, their overall lower rates could make your total cost of owning a phone more affordable…If you are upgrading, try to get the best price for your old phone. Prices can vary significantly, with some places offering $30 and others up to $150 for the same model. Research different trade-in programs or resale options to get the most money back… Finally, ask yourself if you really need a new phone right now. If your current phone still meets your needs, waiting a bit longer could save you money and give you more time to find the perfect deal.”
Luis Abreu, Ph.D. – Assistant Professor, University of Kentucky
For the complete survey, with commentary, visit here.
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