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Apple iPhone 8 specs, price and release date update: 10th anniversary iPhone may be most expensive

The iPhone 8 may be the most expensive Apple smartphone to date, according to recent reports. Consumers are willing to pay more for the larger and more expensive iPhone models, which bodes well for a phablet sized iPhone 8 model, recent reports from the Wall Street Journal suggest.

Approximately 40 percent of iPhone 7 sales went to the 5.5-inch Plus model during Apple's December 2016 quarter. In comparison, 23 percent of customers purchased the iPhone 6s Plus the year before.

The iPhone 8, which is expected to have a release date coinciding with the 10th anniversary of the iPhone, is likely to feature a design revamp and a host of updated specs, which all hint at a higher price. A possible iPhone 8 Plus may be even pricier still as Apple may continue to add special features to the phablet model that are not seen on the standard slate model.

The iPhone 7 Plus, which launched in September 2016, introduced a RAM increase, a dual-lens camera to Appleā€™s smartphone line, as well as a $20 price hike to $769. The iPhone 7 did not include these features and sold at a starting price of $649. The average price for an iPhone at the end of 2016 was $693, up $2 from the year prior, according to the WSJ .

While the iPhone 7 hasn't sold as well as the previous models, analysts expect many owners are holding out for the iPhone 8 due to the last three iPhones having similar designs and features.

Coming to iPhone 8 specs and features, recent rumors suggest the device will feature a facial recognition, IP68 water resistance and a flexible OLED display. Apple's traditional iPhone launch window is the second to third week of September.