In October, Wang Mengshang spent $10,000 on a weeklong trip with his girlfriend to Seychelles, an African island nation known for beautiful beaches and coral reefs. His holiday pictures got a lot of likes on social media. But the 25-year-old venture investor in Beijing hasn’t bought a new phone in two years. He doesn’t feel the need to replace his iPhone 7 right now—even though he can afford the latest models.
“New smartphones used to come with big changes in design and technology. But nowadays, I don’t see a lot of improvement,” said Mr. Wang, who had previously upgraded his phones more frequently. Mr. Wang, however, is willing to spend more on traveling. This year, he wants to go to the Maldives.