Apple released the brand new iPhone 14, and it seems some folks will do just about anything to get their hands on one, and we mean anything.
A new survey has found that one in five Americans are even willing to go into debt to secure a new iPhone!
According to WalletHub, “iPhone demand is rising.”
So much so, 24% more people plan on getting the new iPhone this year, compared to last year, and more than a third of Americans say that their phone is “their most important belonging,: which is why Douglas Hausknecht, a senior lecturer and associate professor of marketing and international business at the University of Akron, believes those folks feel that way.
He says, “It would appear that many consumers may view and make decisions about phones as they would consumer durables.
“The anticipated useful life of a phone may be viewed as similar to that of an air conditioner, dishwasher or other appliance. Financing is not a large leap.”
WalletHub also believes the pandemic may be a driving factor behind people pushing to upgrade their phones.
Michelle D. Steward, associate professor of marketing at Wake Forest University, said, “During the pandemic, we saw that some consumers paused purchases given the uncertain times and, for many, reduced income.
“As we move out of the pandemic, those consumers are revisiting whether their current versions of products across categories may need to be upgraded or repaired.”
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