Published on : Oct 20, 2014
With the sale of Apple Inc.’s latest smartphone, consumer expenditure on electronics has registered a three-year high this September. The new iPhone 6 and iPhone 6 Plus were launched in the U.K. on September 19 and buyers from across the country raced to purchase the newest smartphone. Both these smartphones are so far the fastest selling Apple products with a sale of over 10 million devices within just three days.
The Apple launch sent consumer spending zooming to 20.9% last month, which is a three-year high after recording an average growth of 4.5% in the first half of 2014.
The smartphone sector in early September was up to 16% after the release of Samsung’s Galaxy Alpha. But the major impact was caused by the iPhone 6 and iPhone 6 Plus, which led to a 33% climb in UK’s total spending.
Based on data provided by a Barclaycard research, during August 25-September 28 period, consumers spent more money on electronics than they did on eating out. Analysis states that within the two weeks after the release of the iPhone 6, 63% of the consumers who spent maximum on electronics were men, and of them, those between the age of 26 and 35 increased their spending by 28%, the most among all age groups.
Barclaycard has attributed this change in buying patterns to consumers’ willingness to buy the latest gadgets despite being otherwise careful spenders. Caution with respect to the future is still a factor that drives purchasing patterns in these times of economic slowdown. However, when it comes to electronics, this trend has seen a shift, giving rise to a flourishing electronics industry.