Consumer data shows Samsung's foldable phone could cost Apple

Samsungs newly announced foldable phone could attract iPhone users, according to an informal survey of Business Insider readers from Business Insider Intelligence.For context, the $1,980 Galaxy Fold, which launches on April 26, has a tablet-sized screen that can be folded to the size and shape of a typical smartphone.

Most Business Insider Readers Are Interested in Purchasing a Foldable Phone Business Insider Intelligence

The majority of consumers are interested in the new form factor.Almost 8 in 10 (76%) respondents stated they would be interested in having their next smartphone be a foldable phone.
These figures stand out even more among Samsung Galaxy owners.Nearly 90% of Galaxy owners stated that they're interested in having a foldable phone be their next smartphone, while 43% said that they'reextremely interested in the device.

Early interest among these Business Insider respondents, who are typically young and tech-savvy, is a promising sign that foldable phones will become the next step in the smartphone's evolution, especially given all the benefits it comes with. For example, foldable phones should let users comfortably carry a device with a large screen, provide a better experience for various activities, like video viewing, and enable users to multitask and enhance productivity.

Unfortunately for Apple, it's trailing behind Samsung in the race to launch a foldable phone, which could cost it customers.Apple has yet to confirm plans to launch a foldable phone and reports suggestit won't do so until at least late 2020. While Apple has historically leaned on its brand loyalty to launch new and innovative hardware after its competitors without significant losses, this strategy may not pay off this time around.

Samsung Galaxy Fold Business Insider Intelligence

Over two-thirds (68%) of iPhone owners said that they're interested in a foldable phone as their next smartphone. And without a foldable iPhone variant on the market, interested iOS users might look to the Android ecosystem, which will be populated with foldable phones. If this were to occur, it would be detrimental to Apple's bottom line, especially since the iPhone makes up the bulk (62%) of Apple's revenue.

However, Samsung must stay aggressive by addressing its foldable phone's major flaw price point.Although consumers across both Android and iOS ecosystems are highly interested, the Galaxy Fold's starting price point of $1,980 is likely unattainable for most consumers. Samsung will need to either offer generous discounts to the Galaxy Fold or launch a second-generation foldable phone in the next year, which would still beat Apple's timeline, at a more palatable consumer price point to widen the addressable market.