September 12, 2022
WalletHub conducted a nationally representative survey of over 280 Americans on the new 2022 iPhone, finding more than 1 in 5 people think a new phone is worth going into debt. Dr. Michelle Steward is featured in the “Ask the Experts” section of the article to offer further insight into their data. WalletHub’s full article can be found here.
John S Kiernan, Managing Editor | Sep 12, 2022
2022 iPhone Survey: More than 1 in 5 Americans think that the new iPhone is worth going into debt
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?
MS: The fact that more than half the respondents do not believe that a new phone is worth going into debt for is promising, especially given that total household debt increased during the second quarter of this year.
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?
MS: Not necessarily. During the pandemic, we saw that some consumers paused purchases given the uncertain times and, for many, reduced income. As we move out of the pandemic, those consumers are revisiting whether their current versions of products across categories may need to be upgraded or repaired.
Why do you think 24% more people plan to get the new iPhone this year, compared to last year? Is that realistic amid high inflation?
MS: Perhaps. However, this could be a result of several factors including the paused purchases that occurred during the pandemic. Additionally, for some products like smartphones, the replacement cycles can vary year-to-year depending on both the product’s longevity and the attractiveness of the new product.
Is it fair that cell phone carriers check your credit score?
MS: This certainly opens up market opportunities for companies that wish to serve customers who may have no credit history and/or prefer not to use debt.