The release of each new iPhone model is a big-money occasion for Apple, but this year many people may not have as much money to spend due to the COVID-19 pandemic. The unemployment rate is 8.4% and total credit card debt stands at nearly $1 trillion, which means that buying a new iPhone is an even bigger decision for consumers than usual. Depending on what features people want, they may have to shell out over $1,000 for a new device. For some people, that's too much. In fact, 36 percent of Americans plan to reduce the cost of their cell phone as a result of the pandemic, according to a nationally representative survey conducted by WalletHub. However, despite the overall financial outlook, one in three Americans still plan on getting the new iPhone this year.
WalletHub examined not only how the COVID-19 pandemic has impacted Americans’ cell phone purchase plans, but also why people buy new phones, how essential phones are and more. Below, you can find additional highlights from WalletHub’s 2020 iPhone Survey, along with further insight from a panel of experts and a full description of our methodology. Consumers looking to save money on a new cell phone purchase can also check out WalletHub’s Cell Phone Savings Calculator to crunch the numbers.