Apple has a crazy fanbase who would buy anything they put out with inquiring about the cost and why it should cost that much, the reason is that Apple designs their iPhones to have a new eye-catching feature, a new tech that would tickle a potential upgrader especially if the money if there to spend, but the spender is wondering if they'll be getting value for spending such a crazy amount of money. For example, no one is talking about how the latest iPhone 14 pro max is 1.6 million naira in Nigerian currency. Let's put this into perspective.
The average big boy 9 to 5er, will earn 100k in a month, if they work for 12 months, they'll earn 1.2 million naira
Here's A Vivid Calculation
....even if they got monthly bonuses that are close to 400k for that one year, they'll have made that 1.6 million Naira,
(which is very big considering that there are people who earn 50k a month working 9 to 5) but wouldn't they pay their rent, feed, or even clothe?
This means if they do their general upkeep, it'll still be impossible to afford. In a general sense, this isn't huge, but looking at it from a Nigerian perspective, earning 100k monthly is decent. So the point here is, if people are not putting the price into perspective, what are they now considering? The huge always-on-display, 48-megapixel photonic engine features. But if a regular 9 to 5er cannot afford an iPhone 14 who then can?
A Target Audience?
The unconventional money makers, the celebrities, the Nigerian princes online, influencers who have monetizable channels across the internet and are being paid in dollars. There must be an emphasis on being paid in dollars because people who get paid in Naira will find this difficult to afford unless they're criminals in their working places.
To a regular Nigerian, the value an iPhone 11 would bring is the same iPhone 14, this is because the average Nigerian internet geek has only limited idea of how to truly monetize an iPhone. TikTok which is one of the major reasons why some Nigerians would buy an iPhone has no direct monetization, which boils down to the fact that if you're not a skit maker, then other personal gratifications come with upgrading an iPhone every year.
The Irregular Big Earners
However, there are indeed people who earn in the range of 500 to 700k monthly, but these people are in government parastatals. However, the catch here is that these people would prefer investing in cars and real estate rather than mobile phones.
So It still boils down to the fact that the people who are truly wealthy and working in sectors where there is no showmanship will still prefer to use smaller devices especially if the iPhone doesn't bring a substantial value that could primarily earn them money. So what is the real use case of an iPhone 14? The first for me is that people are buying into the latest tech in mobile technology, while this feels peripheral.
Nigeria isn't big on the whole tech thing because it's not a technologicalized state, the focus is different, meaning that it's difficult to find external use cases, beyond the one that we can create. This brings us to the fact that upgrading an iPhone every year is a status marker. It has a way of revealing one's worth without them talking about it.
In Nigeria, people have a way of wanting to talk about their network without making it too obvious. The validation of money and the freedom it brings to spending excessively. This is why people must have enough money to actually afford it (iPhone 14) because it's more of a luxury good.
The Craze For Photography
A lot of people look at the photography aspect, but the truth is that as a professional photographer or film marker, you can use this device because it's got smaller lenses, a one million naira DSLR, will be able to make films, so if you have a one million naira DSLR, you'll get bigger value if photography is the aspect you're considering.
This assessment is done for the basic Nigerian consumer behavior and it'll be totally different out there. A market is often determined by the geographical location, the government, the people, and the financial background, because Nigeria is still a developing market, iPhones will still sell based on sentimental value and not monetary value. This isn't to say it wouldn't do the latter, it'll do more of the former.
The Worth You Might Be Blinded To
Then there's the aspect of brand preference. I mean, everyone in life has a preference for a brand at one time or another other and this is because of an initial impression. When one's got money, they go for brands rather than commodities, apple as a brand packs brand value and so few populations will ever question Apple no matter what they produce, the price they're selling it for, and if it's worth the value at all.
Interested in some more of my works?
The Intrinsic Propensity To Spend Money
Poverty: The Unwillingness To Spend?
A Scenic Bathroom Photoshoot
The Importance Of Having A Contingency Money Plan
Translational Value; What Is Your Worth?
Using Crypto As A Means Of Transferring Will
