ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

How to Avoid Hefty Smartphone Repair Costs

photo

SPONSORED CONTENT -- (StatePoint) From listening to music to watching movies, connecting with family to counting steps, Americans say in a new study that they depend on their smartphones like never before. And they are putting their money where their mouth is. The amount of money they spent on screen repairs surged to $8.3 billion in 2023, nearly tripling the amount spent in 2018 ($3.4 billion).

In its latest Mobile Mythconceptions Survey, Allstate Protection Plans found that despite the rising amount spent on smartphone repair, Americans are actually damaging their devices less frequently. In the past 12 months, 78 million Americans reported damaging a device compared to 87 million during a comparable period in 2020.

Cost Conscious Consumers

Last year, the three most frequent accidents and malfunctions reported were: damaged screens (67%), Wi-Fi or connectivity issues (28%) and touchscreen problems (24%).

When Americans do damage their phones, repair costs remain a significant concern for many. In fact, 49% of Americans would not repair a damaged smartphone that still functions due to the high costs involved. This could be in part due to sticker shock and misconceptions around the cost of smartphone ownership. The survey found that the average cost for repairs and replacements is now $302, yet 47% of Americans think repairs cost $150 or less. The top reason given by respondents who have damaged a smartphone for avoiding or delaying repairs was the cost, with 39% saying they could not afford it.

The Race to Repair

Smartphones have taken center stage, with 45% of smartphone owners spending five or more hours a day glued to their screens and the overwhelming majority saying their phone has completely replaced their digital camera. So it’s no surprise that despite cost concerns, many American smartphone owners don’t delay when dealing with damage, with 27% saying they would initiate screen repairs within a day due to the importance of their phones in everyday life. When it comes to broken buttons, 36% say they would wait a day or less to repair their phone, 30% for damaged speakers, 29% for broken microphones and 22% for broken cameras.

The good news? With a high-quality case, you can help prevent damage, and with a protection plan in place, you can avoid hefty out-of-pocket costs when mishaps do occur. For information on plans, which cover repair costs on everything from battery failure and cracked screens to liquid damage and touchscreen failure, and which are available to both individuals and families, visit AllstateProtectionPlans.com.

Since the introduction of the smartphone, Americans have spent $149 billion on repairs and replacements. By taking a few precautionary measures, smartphone ownership can be a much more affordable prospect.

Photo Credit: (c) Zbynek Pospisil / iStock via Getty Images Plus

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.