Revenge Spending Boosts Sales of Apple iPhone 14 and Other High-End Devices

As revenge spending picks up, high-end smartphones have become the latest object of desire for well-heeled consumers. While lower-income buyers opt for cheaper models, higher-income consumers are willing to pay top dollar for the latest and greatest smartphones, leading to a growing divide in the market. Despite a drop in global smartphone shipments, the average selling price for phones rose 5% last year.