Did these people wait for a free lunch? Did they hope to get a soup from Salvation Army? Were they standing in line to get free clothing and other help? Are we now in a new depression?
Nope. These people were waiting for the new iPhones: The 5c and the 5s. Both devices cost more than $500. Last week as Apple CEO Tim Cook had presented the new smartphones the pundits responded dismissive and Apple´s stock tanked. The majority of analysts and investors claimed that the new smartphones are too expensive.
It looks like that the consumers disagree. The long lines worldwide demonstrate that there is a large affluent group who is willing to spend a lot of money for a cool new gadget. The economist Thorstein Veblen called this phenomena once "conspicuous consumption" (driveby). It seems that Tim Cook´s bet is paying off.