iPhone 8 set to be most expensive model yet

WHEN Apple released its latest flagship devices last September, it limited the dual-camera set up to the larger iPhone 7 Plus.

Excluding the screen and battery size differences, the iPhone 7 Plus also offered more RAM than the smaller device.

While Apple kept pricing for the iPhone 7 the same as the iPhone 6S or iPhone 6, the "premium features" of the iPhone 7 Plus saw the tech giant slightly increasing the outright cost of the smartphone when compared to its predecessors.

According the Wall Street Journal, financial services firm Cowen & Co claim the price increase has been beneficial for the company.

Cowen & Co estimated the iPhone 7 Plus was responsible for 40 per cent of the 58.5 million units sold in the December quarter - an amount 17 per cent more than iPhone 6s Plus sales.

Financial services firm UBS also suggest the increased sales and price of the iPhone 7 Plus will amount to a two per cent rise in revenue for Apple.

The dual-camera of the iPhone 7 Plus is one feature people were willing to pay more for.
The dual-camera of the iPhone 7 Plus is one feature people were willing to pay more for. Supplied

If the estimates hold merit, the financial benefit of having a premium model of the iPhone will likely encourage Apple to follow suit with the release of its iPhone 8 and 8 Plus.

Cowen & Co analyst Tim Arcuri said Apple "pulled that [pricing] lever like never before" with the iPhone 7 Plus, suggesting there's "even more room" for with the forthcoming releases.

"The iPhone base wants a new, cooler iPhone," he said.

"There's a lot of pent-up demand for a product with newer, cooler features."

With the market already indicating they are willing to pay more for new features, an overhauled iPhone might just be what the company needs.

What features would you pay more for on an iPhone? Continue the conversation in the comments below or with Matthew Dunn on Facebook or Twitter.