Information technology (IT) expenditures in different developing nations of the world have been impressive but controversial lately. Research is needed to know how IT expenditures are growing in these 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 14 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 keeps the growth unabated. Preliminary evidence also suggests that developing nations are benefiting from a price drop.