The release of Apple’s iPhone 6 in September drove spending on electronics to a three-year high, according to new data
Apple’s iPhone 6 helped to boost the amount consumers spent on electronics to a three-year high during September, as buyers raced to invest in the company’s newest smartphone.
Available to buy on September 19 across the country, the iPhone 6 and iPhone 6 Plus swiftly became Apple’s fastest selling product to date, shifting more than 10 million units within three days.
The release caused consumer spending on electronics to jump to 20.9 per cent last month – a three-year high – having averaged at 4.5 per cent growth in the first six months of 2014, research from Barclaycard has found.
The launch of Samsung’s Galaxy Alpha in early September propelled the sector’s growth to 16 per cent, but it was the release of the two iPhones that caused a climb to 33 per cent of total UK spending.
Consumers spent more on electronics between August 25 and September 28 than on eating out, which equated for 16.5 per cent of spending, pubs (10.6 per cent) and books, newspapers and magazines (16.5 per cent).
Analysis shows that it was men who spent the most on electronics (63 per cent) last month, and in the two weeks following the launch of the iPhone 6 those aged between 26 and 35 increased their spending the most – by 28 per cent.
Barclaycard nearly half of all the UK’s debit and credit card transactions. Chris Wood, managing director, said the increase suggests that customers are still willing to buy the latest must-have gadgets, despite being generally cautious spenders.
“The fall in inflation to a five-year low undoubtedly helped ease the pressure on households last month, while one of the driest and warmest Septembers on record encouraged them to part with more of their money,” he said. “While consumers continue to shop for value, and remain cautious overall about the future, we could finally be seeing the start of a sustained recovery in consumer spending.”