Apple’s iPhone has become the number one indicator of someone being high-income, according to new research, as the top-of-the-range model now costs more than $1,000 in the United States.
Data published by University of Chicago economists Marianne Bertrand and Emir Kamenica in a National Bureau of Economic Research paper shows that Apple’s products are typically products that wealthy customers purchase, as both the iPhone and the iPad are now considered a common status symbol of high income.
According to the research, which is based on a sample size of 6,394 customers, owning an iPhone generates a 69.1 percent chance of having a high-income, while the iPad is a little behind with 66.9 percent. For comparison, Android phones achieved a score of 59.5 percent for predicting the wealth status.
“Across all years in our data, no individual brand is as predictive of being high-income as owning an Apple iPhone in 2016,” researchers explain… (read more)
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