Apple recently revealed the new iPhone 14 and 14 Pro, and a new survey by WalletHub suggests many Americans are willing to go into debt to acquire the new smartphones. Multiple iPhone 14 models will be on sale soon with major upgrades over the previous generation such as completely upgraded cameras and a brand-new notification system.
Personal-finance website WalletHub conducted a survey in the US and determined more than 1 in 5 Americans think the new iPhone 14 models are worth going into debt for. 24% more people in the U.S. are planning to get a new iPhone this year compared to last year, which saw the iPhone 13 generation of smartphones release. Demand for iPhones has increased drastically, and the survey suggests 20% of people believe not having the new iPhone is a sign of someone struggling financially. On the other hand, over 20% of people who were surveyed may struggle financially after obtaining a new iPhone as well.
The increase in demand for the new iPhone may be linked to perception around smartphones in the US after the beginning of the global coronavirus pandemic in 2020. WalletHub's survey claims more than a third of Americans say their smartphone is their most important belonging, and 27% of people in the country plan to spend more on smartphones due to the pandemic. As a result, more Americans are willing to purchase a new iPhone 14 or 14 Pro regardless of financial circumstances. Demand for the iPhone is also linked to smartphones being viewed as a necessity by 31% of the population according to WalletHub's survey.
WalletHub's survey also reveals discontent among a large portion of consumers in the US with 60% of Americans believing that Apple does not pay enough in taxes. 50% are also unhappy with credit checks by phone carriers, believing the practice is unfair for consumers. More than 50% of Americans are willing to try a budget phone carrier due to increasing appeal in that sector of the smartphone industry.
The survey provides insight into consumers and their beliefs following the iPhone 14 reveal at Apple's Far Out event. Apple's new products garner attention from millions of consumers every year, and the company must be aware that a sizable portion of the consumer base are willing to go into debt for a new iPhone. In addition, high inflation plays a key role in the increase of smartphone spending in 2022.
Apple is set to release new products such as the iPhone 14 this month and new iOS updates akin to iOS 16 will follow. The new iPhone is enticing to new customers in the US and WalletHub's survey brought some alarming statistics ahead of the launch.
The iPhone 14 and 14 Pro are available to pre-order now.
Source: WalletHub