Why people are willing to pay for expensive phones

If we were allowed to buy only one gadget, no doubt most people would choose the phone

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When Apple's iPhone X was launched in September last year, a colleague wondered who would buy such an expensive smartphone, with prices starting at $1,648 without a contract, and said it was bound for failure.

Clearly, he was wrong - Apple chief Tim Cook last month said the iPhone X has outsold every other Apple device each week since it went on sale in November last year. I have bought one and so have many of my friends.

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A version of this article appeared in the print edition of The Straits Times on August 29, 2018, with the headline Why people are willing to pay for expensive phones. Subscribe