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With gas prices back on the rise, there is some chatter on the Street about whether people will be willing to spend a rumored $2,000 on a new Apple (AAPL) iPhone that folds like an old-school Motorola Razr from the early 2000s.
The data shows, however, that consumers continue to shop for ever more expensive iPhones, no matter if filling up the tank is costlier or economic uncertainty is the theme of the day.
JPMorgan analyst Samik Chatterjee wrote in a new note that there is a limited relationship between price and volume on the iPhone over a multiyear period. iPhone units increased about 10% between fiscal year 2015 and fiscal year 2026 despite a roughly 50% increase in average selling prices and a smartphone market that peaked around 2016-17.
The mix — what consumers are buying from Apple's iPhone lineup — has also shifted toward premium devices, with the Pro and Pro Max increasing from about 37% of shipments in 2020 to roughly 65% in 2025 .