Prior to the release of the new iPhone, Best Buy reports good sales of expensive smartphones.

Best Buy Co Inc BBY said on Tuesday that consumers hurt by decades-high inflation are not switching to less expensive handsets, which is good news for Apple Inc's AAPL forthcoming iPhones, which are likely to be presented next week.

The largest retailer of consumer electronics in the United States made these remarks as non-essential spending has decreased as a result of rising petrol and grocery prices.

Consumers are switching to less expensive substitutes in sectors like televisions, according to Best Buy Chief Executive Officer Corie Barry, although demand for pricey cellphones is still robust.

"There are some categories, like as mobile phones, where the choice between trading up or down is less important. You desire a specific type of phone and a specific brand of phone "explained Barry.

Last week, J.P. Morgan analysts expressed caution about the excitement surrounding the new iPhones, noting customer expectations of a price increase and few new features.

On Tuesday, Greatest Buy added that budget-conscious customers may wait until the very last minute to shop for the holidays in order to find the best offers.