If two years ago someone claimed the new iPhone, Galaxy Note, or Google Pixel would cost $1,000, I would have laughed in their face. Clearly, no one would spend $1,000 on a new smartphone. $1,000 can buy a new laptop, a used car, or two or three good smartphones. Nevertheless, Apple shares smashed through all-time highs after iPhone X pre sales showed quarterly profit increases of 19%, and 6 million more iPhone X units were sold over Black Friday weekend. Galaxy Note 8 pre-orders for the Note 8 trended 2.5x higher than the Note 7’s, and the Google Pixel 2 quickly sold out across the nation.
What does this tell us?
A $1,000 smartphone price tag didn’t stop the latest in technology from flying off shelves. In fact, smartphone sales for Apple, Samsung, and Google flagships were even stronger than the previous years. However, with prices rising by the day, it does beg the question: How much is too much? At what price point will Apple price its own consumers out of the market? The average American household carries almost $10,000 in credit card debt, and 62% of Americans have less than $1,000 in savings. When 44% of smartphone owners use an iPhone, it leaves many questioning the financial prudence of these purchases.
Looking forward to 2018
2017 has brought us better phones with bigger prices. In 2018, I look forward to flying cars and improvements on budget smartphones such as the Huawei Honor 7X and Moto G5 Plus.
Check out this article on how to save $500+ on your smartphone plan.
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