A recent study by mobile shopping app company Branding Brand has found that Millennials are not interested in buying the new iPhone.
The study surveyed 1,041 iPhone users of various age groups in the U.S., concluding that consumers are not excited about the new 4-inch iPhone expected to go on sale after Apple's announcement event later this month.
Branding Brand cited a survey that the company conducted in February, showing that 78 percent of Millennials, Generation X and Baby Boomers are either happy with their current Apple device or will wait until the next iPhone product launch. Millennials were defined as those aged 18-34, while Generation X members were aged 35-54 and Baby Boomers were aged 55-64.
Sixty percent of Millennials and Generation X currently own an iPhone 6 or 6s model, but 88 percent of the people who own these devices are not willing to upgrade to the new model. Of all the age groups, Baby Boomers were the most likely to own an iPhone 4s or older, and they were the most willing to trade in their current device for a 4-inch iPhone.
"Millennials like to save money but will spend on quality. With the latest product rollout, many are wondering if Apple is making a step backward, but the company is likely expanding market share to potential consumers wanting to either switch or upgrade," Branding Brand CEO Chris Mason said in a press release.
Millennial consumers are some of the most valuable to retailers, with 53 percent reporting that they shop online one to three times per month, compared to the 51 percent of all generations who shop online one to three times per month. Branding Brand's mobile shopping report notes that iPhones generated 65 percent of all mobile shopping revenue.
The study also looked at consumers' attitudes towards the Apple Watch, showing that Generation X is most likely to own an Apple Watch and that the high cost is the concern for most potential Apple Watch consumers. If it were cheaper, nearly 40 percent of respondents said they would consider buying it.
"Apple has a long way to go if they want to catch up to other wearables," Mason said. "According to our survey, 53 percent of all consumers without a smart watch said they couldn't be convinced to buy an Apple Watch, with cost being their top concern."
