TL;DR but ...
it's not a phone. It's a statement. It's a lifestyle choice.
And while we are rubbing our eyes, it's worth noting the really nasty news underlying this. News that would have politicians shitting in their pants, if politicians had any sort of brain.
This is the logical progression of "generation rent" (which is not an isolated UK phenomenon).
When the younger generations realise there's fuck all point in saving for a deposit on a house you'll never buy, then you'll look elsewhere to splash the cash. Why not a £1,500 phone ?
This is why there's more travel and "year" outing amongst the youth.