Customers are increasing getting ready to pay a much higher than the advertised price in order to get hold on newly released electronics gadgets such as smartphone.

Sellers made a whopping £1.5 million from sales of the iPhone 4 on eBay in a 6 week period after its launch. The eBay users were selling the device for nearly £1,000 more than its official retail price.

The company was facing a shortage on the supply side and thus the demand was met by resellers who were making profits on the device. According to a study published by the University of Warwick's economy analyst Professor Michael Waterson, the prices of the newly launched must-have products have been pushed up by so-called ‘tech snobs’, who aim to get the latest device as soon as it is launched.

The launch of the much anticipated iPhone 5 is also expected to see many resellers selling the device at a much higher price soon after its launch. Some traders will be looking to buy some sets early to sell at a higher price.

Apple has not announced the official release date for the device but several reports suggest that the next generation of iPhone might be launched next month.