Posted on: November 12, 2020 Posted by: admin Comments: 0
Why Apple iPhone Shoppers Are Choosing Pricier Models?

A new consumer survey is indicating the iPhone shoppers that they are selected premium models over base handsets. It would be boosting average selling prices, and profits, for Apple (AAPL), a Wall Street analyst said. Apple stock has dipped on Friday. Evercore ISI has surveyed roughly 2,500 iPhone users about their purchasing plans. It is demanding for new models has increased relative to last year, which is providing a solid ASP (average selling apple stock price) benefit, Evercore analyst Amit Daryanani said in a note to clients Thursday. It has 78% of respondents that are interested in buying one of the new iPhone models, vs. 68% last year. Besides, it is demanding for the premium Pro and Pro Max models remain strong at 45%, a modest increase from 41% last year.

iPhone Average Selling Prices Rising

  • The Apple stock price survey results are indicating the average selling price for iPhones that is $838 this year, compared with $806 in last year’s survey.
  • The higher ASPs are primarily driven by a greater percentage of respondents opting for one of the newer models rather than an SE or older model.
  • The first two models of the iPhone 12 series went on sale on Oct. 23. The second two models will be available on Nov. 13.
  • Battery life and 5G capabilities were tied for the most popular reason to upgrade, which is seeming to validate Apple’s large 5G marketing push.
  • The survey is also pointed to an uptick in spending in the App Store and on wearables, that are including the Apple Watch and AirPods.

Spending Up 26% From Last Year

  • iPhone users have average reported spending $8.62 a month with Apple’s App Store. That is up 26% from the $6.84 they reported spending per month in last year’s survey, Daryanani said.
  • It is supporting Apple’s forecasts for services growth.
  • Some 54% of iPhone owners surveyed say they subscribe to Apple Music, vs. 53% a year ago.
  • It has also 31% of iPhone owners polled and they have used the Apple TV+ streaming video service. But, it is unclear how many of those are still on their 1-year free trial vs paying subscribers.
  • The survey is also indicated a strong demand for Apple’s AirPods wireless earbuds.
  • Some 39% of iPhone users say they own AirPods and plan to upgrade to a new version. 27% of iPhone users are saying they don’t own AirPods but plan to buy some.

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Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.