Approximately 28 million Americans are willing to go into debt for Apple's 2018 iPhone, according to a WalletHub survey released Tuesday. This sentiment is especially prominent among millennials, as 18% of respondents under the age of 45 believe the iPhone is debt-worthy, said the press release.
In the past couple years, iPhone sales have hit at least 45 million in Q4. Apple's fourth quarter wraps up at the end of September, and last year, iPhone sales hit 46.7 million that quarter. In 2016, Q4 saw 45.5 million iPhones sold. We'll see if this year follows suit.
The iPhone has become an invaluable tool to many Americans, becoming so vital in people's lives that they are willing to make large sacrifices to attain one, said the release. While debt is expensive and detrimental to your credit score, many young people don't care, opting for a smartphone over good credit, according to the release.
SEE: Mobile device computing policy (Tech Pro Research)
In fact, 44% of millennials believe their cell phone has a greater impact on their lives than credit scores, said the release. And 12% of respondents would take an iPhone over a higher credit score, if given the option, according to the study.
"Their cell phones do have a big impact on their lives day-to-day, which, when summed over the course of their lives probably does outweigh the impact of their credit score," said Arthur Caplan, a professor of applied economics at Utah State University, in the press release. "Of course, for those millennials who are planning to own a home, a car and other things that we typically acquire debt for, then they may want to rethink their priorities."
A poor credit score is something that is difficult to come back from, and 29% of people don't realize that even cell phone companies sometimes check credit, according to the study.
These numbers aren't to say that an iPhone is a bad investment, though. With the economy turning increasingly mobile, an online presence is necessary for many people's lives and careers, said the release. In fact, when searching for jobs, a social media profile is a must.
With how much smartphones have infiltrated people's lives, business leaders must take note. Enterprises are becoming increasingly mobile, meaning that tech pros need to adapt to this digital transformation, or risk falling behind. If a company lacks mobile initiatives, it also may miss out on hiring young talent. Check out this TechRepublic article to learn more about how smartphones are becoming staples in the enterprise.
The big takeaways for tech leaders:
- Roughly 28 million Americans are willing to go into debt to get Apple's latest iPhone, which will be announced mid-September.
- Some 44% of millennials believe cell phones have a larger impact on their lives than their credit score, proving that the emphasis on mobility is growing higher than ever.
- Get more done with your iPhone: Tips and tricks for power users (free PDF) (TechRepublic)
- iPhone XS: A cheat sheet for professionals (TechRepublic)
- The iPhone with a laptop price tag: Will Apple's iPhone XS Max convince business pros to upgrade? (TechRepublic)
- Apple iPhone XS, iPhone XS Max, iPhone XR: Features and specs compared (ZDNet)
Macy Bayern has nothing to disclose. She does not hold investments in the technology companies she covers.
Macy Bayern is an Associate Staff Writer for TechRepublic. A recent graduate from the University of Texas at Austin's Liberal Arts Honors Program, Macy covers tech news and trends.