Sci-tech

Own an iPhone? New study says you're probably rich.

Own an iPhone? New study says you're probably rich.”

Economists from the University of Chicago explained in a new paper that "no individual brand is as predictive of being high-income as owning an Apple iPhone".

Researchers Marianne Bertrand and Emir Kamenica looked at study participants' media consumption, consumer behaviour, time use or social attitudes over a number of years, and found 69.1 per cent of people who owned an iPhone in 2016 were "predictive of having a high income".

"Knowing whether someone owns an iPad in 2016 allows us to guess correctly whether the person is in the top or bottom income quartile 69 per cent of the time".

With (worrying) reports out of the USA that people who shop online using an Apple device can be charged a premium as much as 25 per cent due to the perception Apple fans are less price sensitive comes a new study that suggests that iPhone users are, indeed, richer than their Android-using counterparts. And it found that in 2016, the a year ago it analyzed, there was a 69.1% chance of accurately guessing that a person was wealthy if he or she owned an iPhone.

According to the research, the iPhone is the most common status symbol of wealth...

The study included the top predictors for other years. In 2004, the top brands were a butter brand called Land O' Lakes Regular, Reynold Wrap aluminum foil, and Toshiba TV sets.

Interestingly, in 1992, using Grey Poupon Dijon mustard was 62.2 percent indicative of having a higher income.

With Android phone ownership and other technology-related entries being on the list too, the bigger takeaway is that technology truly plays a bigger part in people's lives in the United States more than any other product category now.

The smartphone, in the modern world, is as much a necessity now as condiments in the early 1990s were, the data suggests. In 1992, it was owning an automatic dishwasher at 71.4 percent and using dishwater detergent at 70.2 percent.

The research also compares current rich-list indicators to the nineties, and times have certainly changed.

But just because you own an iPhone doesn't necessarily mean you paid the massive fees upfront. In 2004, these were owning a stereo in a vehicle, owning a personal computer, and ordering an item on the internet.



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