Ahead of the release of the latest iPhone,
LendingTree found that Americans prioritize the latest technology
over paying essential bills
CHARLOTTE, N.C., Sept. 11,
2023 /PRNewswire/ -- LendingTree®, the
nation's leading online financial services marketplace, released
its survey exploring how technology is impacting consumers'
finances. Ahead of Apple's event unveiling the new iPhone 15, the
study found that 77% of Americans say it's important to have the
latest technology products and gadgets. Further, 28% of consumers
admit they'd prioritize purchasing the latest tech over other
financial obligations such as rent or bills, and 26% go into debt
to purchase the latest tech products, at an average of $1,492.
LendingTree also found that iPhone users are more than twice as
likely as Samsung users to get a new phone when the latest version
is released (9% versus 4%); iPhone users are less likely to
consider switching manufacturers (52% versus 61%); and Samsung
users are more likely than iPhone users to wait until their current
phone breaks before purchasing a new one (35% versus 24%).
Key findings
- Over three-quarters (77%) of Americans say it's important
for them to have the latest technology products and
gadgets. Younger generations are more likely to value
having new technology, with 88% of Gen Zers and 86% of millennials
saying it's important to have the latest tech.
- Younger generations are also more likely to prioritize the
latest tech over paying bills. Overall, 28% of Americans
say they'd prioritize purchasing the latest technology over other
financial obligations, with 45% of millennials and 38% of Gen Zers
confessing they'd buy the latest tech gadget before paying bills.
- Of those who prioritize the latest tech over essential bills,
78% admit they'd purchase the latest phone, like the iPhone 15,
over paying rent or bills.
- 26% of Americans have taken on an average of $1,492 in debt to purchase the latest tech
products, with phones (69%), computers (41%), and
smartwatches (27%) fueling the overspending.
- Overall, 45% of Americans would pay out of pocket for a new
version of their smartphone — even if their current phones were in
good condition and they weren't eligible for a free or
reduced-price upgrade.
- iPhone users are more than twice as likely as Samsung users
to get a new phone when the latest version is released, at 9%
versus 4%.
- Samsung users are more likely than iPhone users to wait
until their current phone breaks before purchasing a new one,
at 35% versus 24%.
LendingTree's chief credit analyst Matt Schulz has this tip for consumers:
"As cool as that new iPhone might be, avoiding unnecessary debt is
a whole lot cooler. If you can afford to buy it and pay it off in a
month or two, have at it. If not, make a plan and take it slow.
Instead of rushing to buy, start putting some money aside to help
you better afford it in a few months. Even if you can't save enough
to pay for all of it, what you are able to put away will help lower
the interest you'll pay in the future. Remember, this isn't a
one-time thing like a Taylor Swift
or Beyonce concert coming to your town. These phones are going to
be available for a long time, so there's no rush."
To view the full report,
visit
https://www.lendingtree.com/debt-consolidation/tech-debt-survey/
Methodology
LendingTree commissioned QuestionPro to conduct an online survey of
1,949 U.S. consumers ages 18 to 77 from July
17-24, 2023. The survey was administered using a
nonprobability-based sample, and quotas were used to ensure the
sample base represented the overall population. Researchers
reviewed all responses for quality control.
We defined generations as the following ages in 2023:
- Generation Z: 18 to 26
- Millennial: 27 to 42
- Generation X: 43 to 58
- Baby boomer: 59 to 77
About LendingTree
LendingTree (NASDAQ: TREE) is
one of the nation's largest, most experienced online financial
platforms, created to give consumers the power to win financially.
LendingTree provides customers with access to the best offers on
loans, credit cards, insurance and more through its network of over
1,000 financial partners. Since its founding, LendingTree has
helped over 129 million customers obtain financing, save money, and
improve their financial and credit health in their personal
journeys. With a portfolio of innovative products and tools and
personalized financial recommendations, LendingTree helps customers
achieve everyday financial wins.
LendingTree, Inc. is headquartered in Charlotte, NC. For
more information, please visit www.lendingtree.com for
additional information.
MEDIA CONTACT:
Nelson
Garcia
nelson@lendingtreenews.com
704-943-8208
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SOURCE LendingTree