The New York Times shared a perspective that many ‘phonemaniacs’ may be uncomfortable with because it questioned the core of what truly drives their enthusiasm in upgrading their phones even when the one they have can do virtually everything the new phone boasts of offering.
According to the newspaper, buying a $1,000 iPhone can be equivalent to giving up $17,000 in retirement savings or 2,500 cups of coffee. It is the 2500 cups of coffee that got my attention though.
Quoting financial advisers, the NYT says that “by some estimates, an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years”.
“In other words, $700 to $1,000 — the price range of modern smartphones — is a big purchase. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew Research Center. Yet one in five people surveyed by the financial website WalletHub thought a new phone was worth going into debt for”.
Tech companies, the analysts say, fairly argue that our smartphones are our most powerful tools for work and play and thus worth every penny. But they also play numbers games to downplay the costs of a new phone.
Samsung, for example, has said the price of its new Galaxy phone is $200 — but that’s only if you trade in a year-old phone for credit toward the new one. The true price is $800.
The unsolicited advisers at New York Times admonished that it is worth looking at phone upgrades in a different light to weigh their financial impact. That, they said, can help us make well-considered decisions so that the move isn’t automatic.
Users in five European countries tracked by Kantar Worldpanel — France, Germany, Great Britain, Italy and Spain — are keeping their phones for even longer. From 2016 to 2018, the life cycle of a smartphone was extended by nearly three months, from 23.4 to 26.2. Users in Great Britain logged the longest average of 27.7 months in 2018.
The life cycle of a smartphone in China was relatively shorter at 20.2 months in 2016 and 21 months for both 2017 and 2018.
According to Dominic Sunnebo, global director for Kantar, “The age of poor smartphones is over (in Europe). Most consumers rate their smartphones very highly, so there is less push to change,” he said.
European consumers also believe that the newer devices will be similar in terms of “features and experience,” he added..
Flagship phones from the world’s top three smartphone companies — Apple, Samsung and Huawei — saw an average price increase of 52% in three years. That’s made people less eager to buy new devices.
For me, I think I need a new phone. I have used this ‘akpuruka’ phone for three good years though manufacturers want consumers to change phones every 18 months.
