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Why do people purchase expensive smartphones?

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While I have been mainly using cheap smartphones costing less than $80 in the last few years, I have noticed that many people are purchasing expensive smartphones, costing $300 or more. Other than better camera, more memory, faster processor, how are the expensive smartphones better?
 
People pay more for higher-end smartphones based on their social status. Furthermore, they want a phone with improved performance. As for me, I want a smartphone with a decent camera and the ability to multitask seamlessly.
 
It is usually due to their needs and taste. Like myself I have a particular taste In terms of batteries, processor, camera and so on. I am a heavy app user so I can't just go for any phone.
 
While I have been mainly using cheap smartphones costing less than $80 in the last few years, I have noticed that many people are purchasing expensive smartphones, costing $300 or more. Other than better camera, more memory, faster processor, how are the expensive smartphones better?
Weather expensive or cheap, the phones all serve the same purpose. I think people are competing with technology. Many want to be the first to get the latest technology. Many people have much money and they won't mind buying a smartphone worth $1000.

As for me, I prefer a small smartphone that can serve basic needs like making phone calls and texting.
 
Most of the people that purchase expensive smartphones do it for show off. A small percentage has real utilities for such phones.
 
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