On the other hand if you had a hunk of gold, in 20 or 200 years that's still a valuable hunk of gold. Buying an iPhone for the status symbol is like buying a hunk of gold, and every six months you chisel off a huge chunk of it and lob it into the ocean to simulate depreciation on technology.

It's more like a potlatch thing (an America Indian status ceremony where people destroy or give away things to prove how wealthy they are) Spending money on perishable items is a power move in the status game.

How much of a “status symbol” is something that is owned by 50% of smart phone users in the US?

Besides, Apple has been selling electronics more expensive than competitors for 40 years.

You're right, not much status in just owning an iPhone. You need to own the latest iPhone, preferably the "pro" model to gain status. However, you can lose status by having cheap or old gear. When I was a kid if you wore off-brand sneakers other kids would make fun of you. Now I understand that kids feel some pressure to appear with the right colored chat bubbles in iMessage. The status game is pretty complex.

In the US almost anyone can afford the “latest phone” on a no interest payment plan from either Apple or the carrier. T-mobile doesn’t even run a credit check if you have been with them for a year.

Apple has kept the same design for 3 years. You can’t tell whether it’s the “latest” or not. You definitely can’t tell whether it’s pro or not if you have a case.

You win, nobody feels like a bigshot for having the latest phone, they buy them because they need all the new features.

You can buy an iPhone 14 Pro Max for $46/month. You can buy an iPhone SE for $18/month - both from Apple interest free.

No one is impressed by a device that over 300 million people buy a year or that you spent $46/month instead of $18/month.