What you need to know
- Latest research from Strategy Analytics claims the average U.S. smartphone replacement time has increased to 33 months.
- Interestingly, only 7% of those surveyed by Strategy Analytics were willing to spend more than $1,000 on a new phone.
- The market research firm notes prices for 5G phones will be a key barrier, although one out of four people surveyed consider 5G as being important for their next phone.
Research from Strategy Analytics has found that consumers in the U.S. are delaying their smartphone purchase for 3 years or more. The research firm says the average Apple smartphone has been active for 18 months, while the average Samsung smartphone has been active for 16.5 months.
The U.S. Smartphone Replacement and Brand Dynamics report from Strategy Analytics claims the average smartphone replacement time has increased to 33 months, despite one in four people surveyed by the firm considering it to be important for their next phone purchase.
A major reason behind the increase in the smartphone replacement time is attributed to the rising prices of premium devices. Strategy Analytics found that only 7% of those surveyed were willing to pay more than $1,000 for their next phone.
David Kerr, Senior Vice President at Strategy Analytics noted:
Operators and device brands face significant inertia given consumer perception of diminishing innovation or marginal value add in successive generations of flagship devices. At the same time vendor pursuit of profitability has seen smartphone prices rising towards and above $1,000.
With 5G phones, the research firm says pricing will be a key barrier. Nearly all 5G-enabled smartphones that have been launched so far are priced above $1,000.
Some of the other highlights from the Strategy Analytics report include:
Apple and Samsung are dominant with brand loyalty above 70% with a huge separation to second tier vendors LG and Motorola with repeat purchase intentions below 50%
Apple Dominates Hispanic and Asian Markets with market share above 50%
Samsung leads in market share among Gen X but trails Apple by almost 40 points among Gen Z in terms of purchase intent.
Camera Features, Quality are significantly more important to women and Gen Z users.
A growing demand for better tools to Manage Time and Unplug from always on is seen especially in Gen Y and Gen Z.
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