03 February, 2015

Mobile technology generated $3.3 trillion in 2014

We really love our smart phones -- but we should learn to embrace the monthly bill, too, a new economic report suggests.

How much do consumers value mobile connectivity? Consumers in developed economies (the U.S., Germany, and South Korea) put a price tag of more than $6,000 per year, or 12% of their income, on it, according to a new report out today from The Boston Consulting Group.

Sales and use of mobile phones generated nearly $3.3 trillion in revenues globally in 2014, according to The Mobile Revolution: How Mobile Technologies Drive a Trillion-Dollar Impact report, commissioned by Qualcomm. But the aggregate annual consumer surplus -- the benefit beyond what they pay for mobile services -- adds up to $6.4 trillion.

The majority of people surveyed were willing to give up dining out or going on vacation for a year in order to keep their mobile phone, said the researchers, who surveyed 7,500 consumers in the Brazil, China, Germany, India, the U.S. and South Korea.

In China and Korea, a majority of users would give up a subscription to home broadband Internet rather than go without a mobile phone, the report said.