Tuesday, 25 September, 2018

Own an iPhone? New study says you're probably rich.

New research shows that owning an iPhone is the most common sign of wealth An iPhone is the most prominent sign of wealth in the United States
Sandy Mccarthy | 10 July, 2018, 12:29

You could tool around town in an expensive vehicle, wear some fancy duds, live in a giant mansion, or carry an Apple iPhone.

The study noted that Apple or, more to the point, owning one of its iPhones was, indeed, a status symbol for many users. For example, while in 1992 using Grey Poupon Dijon was 62.2% indicative of being high income, by 2016 that fanciest of mustards had been replaced by the iPhone.

According to the paper, if someone owned an iPhone, there was a 69 percent chance they were "high-income", which was defined as "being in the top quartile of income for households of that type".

Economists at the University of Chicago recently published a paper (PDF) with the National Bureau of Economic Research that examined the best indicators of wealth over the last few decades.

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For 2016, other significant indicators of wealth include subscribing to Verizon at 61 percent and owning a generic Android phone at 59.5 percent. More than 6,000 people were surveyed to acquire the data. In 1992, some of the top brands that were associated with wealth in the U.S., in no particular order, were Grey Poupon Dijon mustard, Kodak cameras, Kikkoman soy sauce, and Philadelphia Cream Cheese.

With (worrying) reports out of the United States that people who shop online using an Apple device can be charged a premium as much as 25 per cent due to the perception Apple fans are less price sensitive comes a new study that suggests that iPhone users are, indeed, richer than their Android-using counterparts. While the iPhone, and Apple products in general, are known to be high-priced premium devices, the rise in rank may also be attributed to general rise of smartphone ownership among people since the original's launch in 2007.

However, the iPhone is an even stronger indicator. In 1992, the technology-related wealth predictors were owning a phone answering machine and an automatic dishwasher.

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