Categories: BusinessEconomy

Inflation is postponing new phone purchases for many Americans: Survey

According to a survey by an online personal finance platform, a lot of consumers are delaying getting a new phone this year due to inflation.

Nearly two out of every three Americans (63%) said they wouldn’t buy a new cell phone this year due to inflation, according to a survey of over 210 respondents that used data normalized by age, gender, and income to ensure the sample would reflect US demographics.

“Inflation is certainly a significant factor in driving down smartphone purchases, but it’s important to recognize that consumers are getting smarter about where they allocate their resources,” Scott Dylan, founder of NexaTech Ventures, a venture capital firm in Manchester, England, said, TechNewsWorld reported.

“With phones lasting longer and more affordable options on the market. inflation may be accelerating a shift that was already happening — where the days of annual upgrades are becoming a thing of the past,” he told.

“It’s important to note that while inflation may delay purchases for some, smartphones have become essential tools for many people’s personal and professional lives. This necessity may lead some consumers to prioritize phone purchases even in challenging economic times,” Dev Nag, CEO and founder of QueryPal, an enterprise chatbot based in San Francisco, added.

Additionally, he told that the trend towards keeping phones longer may accelerate due to economic pressures, potentially impacting the smartphone industry’s traditional upgrade cycles and revenue models.

Business Now Desk

Recent Posts

Trump Signals Thaw in U.S.-China Trade War, Promises Tariff Cuts but Not Elimination

Despite these tensions, the prospect of a trade agreement has had a positive impact on…

2 days ago

StockNow: The Next Generation Investment Social Media Platform

StockNow provides real-time sentiment tracking, risk assessment, and trading signals with AI-Driven Stock Analysis to…

5 days ago

CEO of the Week: Dubai airport retail king Colm McLoughlin

Colm McLoughlin was born in July 1943, in Ballinasloe, County Galway, Ireland. He is a…

1 week ago

Sync Record: The Ultimate Data Synchronization Solution

Sync Record's efficiency, automation, and user-friendliness make it stand out in the market. It makes…

2 weeks ago

Codiva Software & Technology: Customized digital solution for your business

Codiva Software & Technology is excellent at offering full-scope consulting and project management services

3 weeks ago

Eliga Consultancy: Transforming Contract Management for the Tech Industry

Business Now spoke with a spokesperson from Eliga to discuss the inspiration behind the consultancy,…

3 weeks ago