Floridians love their cell phones, but as much money is spent on constant upgrades or the newest product that comes out every year, some financial experts wonder if consumers need a “tech spending diet.
A new analysis by Investors Observer analyzed how much people spend on durable goods – things like cars, furniture, appliances, electronics, and equipment – going all the way back to 1997 and adjusted everything for inflation so it’s apples to apples.
They have found that the largest increases in credit card spending are for telephone and communication equipment – more than 600% in several U.S. states between 1997–2024.
“Many people treat phone upgrades like air. The spending surge since 1997 shows they are locked in a tech-upgrade cycle that’s harder to break than most resolutions” said Sam Bourgi, senior analyst at Investors Observer.
Florida ranked 8th among the 10 states with the highest spending on Phones.
Bourgi says phone upgrades have become a national habit, and the increased spending trend mirrors the global smartphone shipment numbers, which rose 2.4% in 2024 from the previous year.
“Every 2–3 years, people in these states swap for the newest model. These devices lose half their value the moment they leave the store. When you combine that with the fact that credit card balances have grown a lot since 2018, largely financing these same tech purchases, you’re looking at families and individuals paying interest on depreciating assets,” noted Sam Bourgi from Investors Observer.
