Apple has done an outstanding job of marketing the iPhone as an aspirational brand to the point where people see this gadget as a benchmark of success, as a result, the majority of individuals who buy the phone, particularly in developing economies, do so as a show of prosperity.
No phone brand has established a larger cult following in the smartphone industry than the iPhone. Since its inception, most iPhone users ascribe class and exclusivity to the brand’s genetic composition.
This begs the question of who’s buying this brand with such a ludicrous price. For context, flagship phones of big-name phone brands sold at an average of $300 to $500 about 5 years ago. Today that price has more than doubled for base models of flagships and there is no denying that iPhones are at the helm of these price hikes, yet people still flock to get Apple’s latest devices.
