Mobile phone spending set to almost triple over the next five years
The amount we spend on mobile phones and tablets will rise by £15.2 billion over the next five years, according to market research firm Verdict.
Spending was £7.9 billion in 2013, and Verdict expects it to rise to £23.1 billion by 2018. Verdict analyst Matthew Rubin said: “Mobile phone spend has grown rapidly.”
The frequency with which new models of phone are released, combined with the growth of mobile phone recycling, is thought to have led to people being more willing to upgrade their phone to newer models.
The increased availability of mobile phones, particularly smartphones, is also thought to be a cause.
Mr Rubin said that “improving economic conditions and investment from retailers” were partly responsible for the predicted growth in spending, as well as “strong expenditure growth from less wealthy 55-plus shoppers”.
Posted by Claire Marshall
Sell my phone now