Throughout the 90s and early 2000s, Apple was something of a niche company. Sure, the company had an incredibly loyal and vocal fan base, but the company did not enjoy a significant marketshare in any of the product categories it competed in. This dynamic, however, began to change markedly with the release of the iPod in late 2001. By 2004, the iPod completely dominated the MP3 player market. A few years later, Apple released the iPhone and forever changed the way the world interacts with technology.
Today, Apple is a wildly successful company with a market cap in excess of $800 billion. And though it wasn’t all that long ago when owners of Apple products were somewhat hard to find, the situation today couldn’t be any different. Thanks to the iPhone, the iPad and the Mac, 64% of all American households today own at least one Apple product, according to a new survey from CNBC and Hart Research.
And speaking to the growing influence of Apple, the same CNBC survey conducted five years ago found that 50% of all American households owned at least one Apple product. That’s an impressive 28% gain in a relatively short period of time.
“The product is ubiquitous by income group, age, race, sex and region of the country — more than half of nearly all demographic groups report owning at least one Apple product,” the report notes. “The household ownership rate is below 50 percent for only a few groups, including those with incomes under $30,000, retirees and women over age 50.”
Also interesting, though perhaps not surprising given that Apple products are priced at a premium, is that when looking at Americans who earn more than $100,000 per year, 87% of them own at least one Apple device.
Indeed, it’s easy to forget that Apple’s entire business model is predicated on selling premium products at a premium price. That being the case, it stands to reason that Apple’s upcoming iPhone X will sell exceedingly well in spite of its rather lofty $999 pricepoint. On a related note, the rousing success of the iPhone 7 Plus last year underscores that Apple consumers are more than willing to shell out some extra cash for the best products Apple has to offer.