More Than a Quarter of Us Buy the Latest Tech Instead of Paying Bills

Ahead of Apple’s Wonderlust event today (September 12th), which is expected to include the unveiling of the new iPhone 15, new research from LendingTree looks at how technology affects consumers’ finances. The survey of 1,950 U.S. consumers finds that more than three-quarters of Americans (77%) say it’s important to have the latest tech gadgets and products.

It’s so important to 28% that they admit they’d prioritize buying the newest tech over their financial obligations, like rent and bills. And 26% have even gone into debt to buy these tech products, taking on an average of $1,492 to do it.

The survey reveals:

  • iPhone users are more than twice as likely as Samsung users to get a new phone when the latest version comes out (9% compared to 4%).
  • Samsung users are more likely than iPhone users to wait until their current phone breaks to buy a new one (35% compared to 24%).
  • Younger generations are more likely to care about having the latest tech, with 88% of Gen Z and 86% of millennials saying it’s important to have it.
  • Younger Americans are also more likely to value the newest tech more than paying bills. While 28% of all respondents say they’d prioritize buying it instead of paying bills, 45% of millennials and 38% of Gen Z admit they’d buy the new tech gadget before paying bills. Of those, 78% confess they’d buy the newest phone, like the iPhone 15, instead of paying rent or bills.
  • But that kind of splurging often comes with buyer’s remorse, as 41% regret spending more than they could afford on technology.

Source: Lending Tree

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