Comment by tshaddox

This meme about Apple products deriving most of their demand from being status symbols is a decade or two out of date. For many years, iPhones have had comparable tech specs and pricing to competing flagship smartphones. Also, even if they are status symbols to some extent, they almost certainly are not Veblen goods. Do you think Apple would sell fewer iPhones if they dropped the price of every model by 25%? No way.