2019 iPhone Survey
7:34 AMPosted by: John S Kiernan
The release of each new iPhone model is a big-money occasion for Apple, the world's second largest company by market capitalization and fourth most popular hedge fund stock. However, this year may not be as profitable as usual. 28% fewer people plan on buying the new iPhone this year than last year, according to a nationally representative survey conducted by WalletHub.
Buying a new iPhone is a big decision for consumers, who may have to shell out over $1,400 for the new device at a time when credit card debt is on track to have another record high year. But even though fewer people will buy a new iPhone this year than last, millions are still willing to pay out for the upgrade. The key, it seems, is that credit scores are at lofty historical levels, too. In other words, installment plans and other financing arrangements will help the iPhone remain popular into its second decade.
But what are the reasons that people get a new phone, and how much are different demographics willing to pay? Below you can find the answers to those questions, along with additional highlights from WalletHub’s 2019 iPhone Savings Survey.
Key Stats- Break it before buying it: 144 million Americans only buy a new phone after their current device breaks, as opposed to waiting for a good deal or a new launch.
- iPhone users are big spenders: Nearly 4 in 10 people would pay at least $200 extra to get an iPhone instead of an Android phone.
- Young Americans spend more: Millennials will pay 41% more than baby boomers for a new phone, on average.
Embed on your website<a href="https://ift.tt/2Nx8xbg"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/66134/2019-iphone-survey_v9.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="https://ift.tt/2N3VFfQ>
- Do you think as many people will buy the new iPhone this year as last year?
- Why do you think 57% of respondents in WalletHub’s survey said they’ll only buy a new phone after their current device breaks, as opposed to waiting for a good deal or a new launch?
- Are you at all surprised that WalletHub’s survey found millennials will pay 41% more than baby boomers for a new phone, on average?
- Do you have any advice for choosing the right phone and wireless plan for one’s needs and budget?
Richard E. Petty Ph.D. – Distinguished University Professor, Department of Psychology, Ohio State University
Sheri Lokken Worthy Ph.D. – Samuel A. and Sharon Y. Nickols Professor and Department Head, Department of Financial Planning, Housing & Consumer Economics, University of Georgia
Manoj Agarwal Ph.D. – Professor of Marketing, Director, MS Data Analytics Program, School of Management, Binghamton University, SUNY
Denise T. Ogden Ph.D. – Professor of Marketing, Vice Chair, Council for Retail and Sales, Penn State Lehigh Valley
Margaret Meloy Professor, Pennsylvania State University
Takisha S. Toler Ph.D. – Associate Professor of Marketing, Faculty Lead for Digital Marketing, Department of Business Administration, Stevenson University
Richard E. Petty Ph.D. – Distinguished University Professor, Department of Psychology, Ohio State University
Sheri Lokken Worthy Ph.D. – Samuel A. and Sharon Y. Nickols Professor and Department Head, Department of Financial Planning, Housing & Consumer Economics, University of Georgia
Manoj Agarwal Ph.D. – Professor of Marketing, Director, MS Data Analytics Program, School of Management, Binghamton University, SUNY
Denise T. Ogden Ph.D. – Professor of Marketing, Vice Chair, Council for Retail and Sales, Penn State Lehigh Valley
Margaret Meloy Professor, Pennsylvania State University
Takisha S. Toler Ph.D. – Associate Professor of Marketing, Faculty Lead for Digital Marketing, Department of Business Administration, Stevenson University| Do you plan on purchasing the new iPhone launching later this year? | |
|---|---|
| No | 77% |
| Yes | 23% |
| Is a new iPhone worth going into credit card debt? | |
| No | 90% |
| Yes | 10% |
| Is it better to buy a cell phone upfront or pay in installments? | |
| Buy upfront | 64% |
| Pay in installments | 36% |
| What’s most important to you when shopping for a new phone? | |
| Total cost of a phone | 62% |
| Monthly cost of a phone | 22% |
| Upfront cost of a phone | 15% |
| How much more would you pay to get an iPhone instead of an Android phone? | |
| $100 | 62% |
| $200 | 17% |
| $300 | 12% |
| $500+ | 8% |
| Is a new phone a necessity? | |
| No | 80% |
| Yes | 20% |
| When do you plan to replace your phone? | |
| When it breaks/dies | 64% |
| After 6 months | 21% |
| Within 6 months | 15% |
| What’s stopping you from getting a new phone? | |
| Cost | 47% |
| Nothing I like better right now | 43% |
| Hassle | 11% |
| How will you choose your next phone? | |
| Price | 38% |
| New features | 24% |
| Operating system | 19% |
| Recommendations/reviews | 19% |
| How do you decide when to get a new phone? | |
| Wait until my current phone breaks | 57% |
| Wait until there’s a good deal | 30% |
| Wait until there is a lot of buzz about a new phone | 7% |
| Wait until the next iPhone drops | 6% |
| Do you consider your credit score when buying a new phone? | |
| No | 77% |
| Yes | 23% |
| Are new phones getting too expensive? | |
| Yes | 94% |
| No | 6% |
| What is the most you would pay upfront for a new phone? | |
| $300 | 48% |
| $500 | 32% |
| $1,000 | 18% |
| $2,000+ | 2% |
Note: Percentages may not total 100% due to rounding.
from Wallet HubWallet Hub
via Finance Xpress
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