Published on November 1, 2023, 5:31 pm
Image source: Fox News
TLDR: A recent report from Consumer Intelligence Research Partners (CIRP) reveals that 55% of iPhone buyers choose monthly installment plans, while only 44% of Android buyers go for the same payment method. On the other hand, 38% of iPhone buyers prefer to pay upfront, compared to 49% of Android buyers. The difference in payment methods may be due to higher iPhone prices and higher trade-in values which incentivize iPhone users to opt for installment plans. The shift towards monthly installments reflects changes in smartphone buying behavior and highlights how manufacturers and carriers have adapted their offerings to meet consumer preferences.
iPhone and Android users have different ways of paying for their smartphones, according to new data from Consumer Intelligence Research Partners (CIRP). The report reveals that 55% of iPhone buyers opt for monthly installment plans, while only 44% of Android buyers choose the same method of payment. On the other hand, 38% of iPhone buyers prefer to pay for their phones upfront, compared to 49% among Android buyers.
This divergence in payment methods between iPhone and Android users is likely influenced by a combination of factors. One reason could be the higher prices of iPhones compared to Android phones. To make the cost more manageable, carriers offer installment plans that allow buyers to spread out the payments over time. Additionally, higher trade-in values offered by carriers may also incentivize iPhone users to choose installment purchases, as it allows them to upgrade their phones more easily without bearing the full cost upfront.
Apple itself offers its own installment plan called the iPhone Upgrade Program, which allows customers to pay for their iPhones in monthly installments. Furthermore, Apple Card owners can also take advantage of monthly installments if they purchase an iPhone through a primary carrier.
The shift towards installment plans reflects changes in the smartphone buying landscape over the years. It provides consumers with more flexibility and options when it comes to purchasing their devices. Moreover, this trend suggests that iPhone users tend to keep their phones longer than Android users due to the extended payment agreements associated with installment plans.
In conclusion, how people buy smartphones has evolved significantly, with iPhone owners increasingly opting for monthly installment plans rather than paying upfront for their devices. The combination of higher iPhone prices and higher trade-in values likely drives more iPhone buyers toward these payment arrangements. This pattern not only indicates differences in consumer behavior but also highlights how smartphone manufacturers and carriers have adapted their offerings to cater to changing preferences and market dynamics.
Original article posted by Fox News
