As many of you know Apple released the iPhone 5 in late October of 2012. What is truly astonishing about this is the shear volume of sales that the device has done. In its first weekend it sold more than 5 million units alone. In a recent bit of research conducted by several independent groups some amazing and interesting facts have come to light. One of the most noticeable being that the iPhone 5 sales alone have single-handedly moved the entire $15 trillion U.S. economy by half a percent. That statistic doesn’t count the sale of older generation iPhones or any of Apple’s other hardware such as the MacBook, iPad, or iMac. Apple has over the last year taken the stock market by storm, and set record after record.
So what does all this mean you ask? Well, beyond being possible the single most profitable device in history, it means Apple has, through the iPhone, done quite a lot to help the economy. While at first that may sound confusing. Having moved the U.S economy up 0.5% is no small task. That kind of boost to a $15 Trillion economy is massive. The impact to the United States GDP (Gross Domestic Product) has far reaching positive consequences. Boosting GDP helps the economy grow and perform better. The better the economy performs the better the job market, commodity prices, and in general the health of the United States monitory system. Taken far enough the boost to the US economy actually effect the global economy. These numbers however do not include the rippling effects from the ongoing contracts with cellular providers like AT&T, Verizon, or Sprint. It is estimated that including the trickle down effects from contracts with cellular carriers over time increases this number from a 0.5% boost to the economy to a 0.8% boost to the economy. If the sales of the iPhone 5 continue at their current rate, the economic effects could reach more than a full percent by March 2013 not including the cellular carrier contracts.
Apple has touted some figures about the economy it’s created surrounding its products (see the graphic on the left). As mentioned all calculations were based solely on the direct value of the iPhone, as opposed to the “multiplier effect” of the device. Things like cellular contracts, applications, and jobs created aren’t included in the 0.5%. For a single product to produce a shift in the economy of this magnitude is almost unprecedented. In contrast to the iPhone 5’s 0.5% (in 2.5 months) and growing effect to the countries GDP, the Bush economic stimulus package in 2008 had an effect of 1% to the economy over the course of 6 months. So while the iPhone might not be for you, it is playing a fairly large roll in helping to recover the economy. Apple as a whole including the multiplier effect (the trickle down from jobs, all products, and markets created as a result of their products) is estimated to be more than 2.2% of the GDP for the United States. Apple’s influence has turned into a stabilization point for the economy helping to back fill and weather the storm of recession.
- iPhone 5′s impact on U.S. economy estimated at $75 billion in 2012 (bgr.com)
- Quantifying The iPhone 5′s Enormous Impact Upon The U.S. Economy [Video] (cultofmac.com)
- iPhone 5 Sales Top 2 Million on First Weekend in China (mashable.com)