iPhone Owners Prefer Installments When Buying A New Phone, Android Users Stick To Tradition: Survey

In a recent revelation, a survey has shown that iPhone owners are more inclined towards opting for installment plans when buying their smartphones than Android users.

What Happened: A report published by Apple Insider on Tuesday presented data that indicates a significant change in the way customers purchase iPhones and Android phones. A survey conducted by Consumer Intelligence Research Partners (CIRP) shows that iPhone owners are now more likely to choose installment plans over upfront payments.

According to the survey findings, 55% of iPhone buyers prefer monthly installment plans, as opposed to 44% of Android buyers. Conversely, the survey shows that 38% of iPhone buyers pay for their phones upfront, while 49% of Android users do the same.

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The shift away from upfront payments towards installment purchases for iPhones can be attributed to the combination of higher iPhone prices and increased trade-in values. These factors not only push more iPhone buyers towards installment purchases, but they may also explain why iPhone users tend to keep their phones for a longer duration compared to Android users.

Telecom carriers have subtly utilized the higher trade-in values to keep customers tied to them by offering attractive trade-in promotions encouraging phone upgrades and new installment payment agreements. Apple Inc. AAPL also offers installment plans through its iPhone Upgrade Program, as well as monthly installments for Apple Card owners.

With the landscape of smartphone buying undergoing significant evolution, consumers are now offered more flexibility and options. CIRP believes that these factors drive iPhone buyers towards installment purchases and result in slower upgrades.

Image Credits – Shutterstock

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