Information technology (IT) expenditures across various nations around the world have been impressive but controversial lately. Research is needed to know how IT expenditures are growing in different nations. Do developed nations show a different growth pattern than developing nations? Do stages of IT development or price drops in IT infrastructure influence such growth? We intend to explore these issues with various growth models, using data from 49 nations (constrained by data availability) over a period of time. Our preliminary results show that previous IT expenditure growth models can be improved by including the impact of price and that a price drop in IT helps keep the growth unabated. We also include prediction results from our models, to exhibit the robustness of the models considered.