The release of each new iPhone model is a big-money occasion for Apple. This year, though, buying a new iPhone may be a tough decision for consumers, with high inflation putting a strain on people’s wallets.
Depending on what features people want, they may have to shell out over $1,000 for a new device. While some people have the cash to pay for their phones upfront, others will finance their purchase. In fact, more than 1 in 5 Americans think that the new iPhone is worth going into debt, according to a nationally representative survey conducted by WalletHub.
WalletHub’s survey examined not only how the current economic environment has impacted Americans’ cell phone purchase plans, but also why people buy new phones, how essential phones are and more. 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.
- iPhone demand is rising: 24% more people plan on getting the new iPhone this year, compared to last year.
- Few people judge not upgrading: 20% of people think that not having the new iPhone is a sign someone is struggling financially.
- Budget carriers look appealing: More than half of Americans are willing to try a budget cell phone carrier.
- Discontent with credit checks: Half of consumers don’t think it’s fair that cell phone carriers check your credit score.
- MVP – most valuable possession: More than a third of Americans say that their phone is their most important belonging.
Ask the Experts
As consumers decide whether or not they can afford to purchase a new iPhone this year, WalletHub turned to a panel of experts for further insight. Click on the pictures of the experts below to view their bios and responses to the following key questions:
- WalletHub’s survey found that more than 1 in 5 people think a new phone is worth going into debt for – why do you think that is?
- Does it surprise you that 27% of Americans say they are planning to increase the cost of their cell phone as a result of the pandemic?
- Why do you think 24% more people plan on getting the new iPhone this year, compared to last year? Is that realistic amid high inflation?
- Is it fair that cell phone carriers check your credit score?
Ask the Experts
This report reflects the results of a nationally representative online survey of over 280 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
|Do you plan on purchasing the new iPhone launching this year?|
|Is a new iPhone worth going into credit card debt?|
|Is a new phone a necessity?|
|Is Apple still an innovative company?|
|Is not having the latest iPhone a sign that someone is struggling financially?|
|Has the pandemic made you want to spend more or less money on your next phone?|
|Are you willing to try a budget cell phone carrier?|
|Does Apple pay enough in taxes?|
|Is it fair that cell phone carriers check your credit score?|
|Is your phone your most important belonging?|
Note: Percentages may not total 100% due to rounding.