Lower Income Consumers Can Still Afford Their iPhones

The economy might be tanking, but news reports say consumers earning less than the national median household income can still find money to buy iPhones.  Apple must be pleased.

According to a new study by comScore, as the economy sinks lower, iPhone sales move in an inverse direction among consumers as follows:

• 48% increase in purchases since June 2008 among consumers earning between $25,000-$50,000 annually
• 46% increase in purchases since June 2008 among consumers earning between $25,000-$75,000 annually
• 16% increase in purchases since June 2008 among consumers earning under $25,000 annually

It’s important to note that according to the study, 43% of iPhone owners overall earn over $100,000 annually, but the growth rates among lower income consumers is three times higher.

The study is a bit flawed in that it only gives statistics based on income without any demographic information beyond that.  However, the important thing to note is how strong the Apple brand is.  It’s the quintessential relationship brand and societal brand.  More and more consumers want to join the Apple bandwagon everyday.  Even a $200+ telephone and a $70+ monthly cell phone bill doesn’t stop consumers from wanting to get into the club.

The lesson to learn is how powerful relationship and societal branding strategies are.  Take some time to put your strategic planning resources into developing your brand like Apple has and see where those efforts can take you.

Susan Gunelius

Susan Gunelius is President & CEO of KeySplash Creative, Inc. and Founder & Editor in Chief of an award-winning blog, WomenOnBusiness.com. She is a 25-year veteran of the marketing field and has authored 10 books about marketing, branding, and social media, including the highly popular 30-Minute Social Media Marketing, Content Marketing for Dummies, Blogging All-in-One for Dummies and Kick-ass Copywriting in 10 Easy Steps. Susan’s marketing-related content can be found on Entrepreneur.com, Forbes.com, MSNBC.com, BusinessWeek.com, and more. Susan is President & CEO of KeySplash Creative, Inc., a marketing communications company. She has worked in corporate marketing roles and through client relationships with AT&T, HSBC, Citibank, Intuit, The New York Times, Cox Communications, and many more large and small companies around the world. Susan also speaks about marketing, branding and social media at events around the world and is frequently interviewed by television, online, radio, and print media organizations about these topics. She holds an MBA in Management and Strategy and a Bachelor of Science degree in Marketing.

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