Many people here do not save up for one, especially younger/low-income folks. They get loans on their credit cards. The perceived status is a big deal.

I also saw a video of a teen who made his poor parents give up several years’ worth of savings to get him an iPhone. The store owner made the video and boasted about it, which was disgusting. The kicker is the teen didn’t even get the unboxing experience. The store owner opened the box and showed off the phone before handing it over.