With Apple having unveiled its latest product range this week, a new report reveals how some Americans may put buying the iPhone 15 ahead of their bills.
LendingTree’s research found that while most people said it’s important to have the latest tech, for 3 in 10 it’s so vital that they will prioritize it over other financial obligations including paying bills or even their rent.
More than a quarter of America’s tech addicts said they go into debt to purchase the latest tech products, at an average of $1,492. Phones (69%), computers (41%), and smartwatches (27%) lead the overspending.
Younger respondents were most likely to say they would put tech ahead of bills - 45% of millennials and 38% of Gen Zs confessed they would do this.
Meanwhile, a report from Gartner paints a more cautious picture of U.S. consumer spending.
Asked about their spending this holiday season, just 9% said they will spend more than they did last year with almost two thirds sticking to their 2022 budget and 28% will be cutting back.
While this might be good news for tight household budgets, it is bad news for America’s retailers.
“This is concerning given that consumer spending during the 2022 holiday season did not meet industry projections,” said Kassi Socha, director analyst in the Gartner Marketing practice. “Annual growth was attributed to higher prices on the part of retailers combating inflation, not an increase in consumer discretionary spending.”
The report also reveals a growing trend for spreading the cost of gift buying over a longer period.
This year, 19% of consumers will begin holiday shopping in October, 29% will start in November, and only 10% will wait to begin shopping until December.
For 16%, gift buying is a year-round thing and Gartner predicts this trend will continue to grow so that by 2026, almost a third of consumers will do this.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
