CNBC reports that American smartphone owners are hanging on to their phones for longer. In 2016, the average time users kept their phones was 22.7 months. As of 2018, the average was up to 24.7 months. Some of the top reasons why we’re becoming more reluctant to upgrade our smartphones as often include:
- Rising Costs
- Too few technical advancements or significant changes between models
- Phones are more durable and are lasting longer
With average smartphone prices up 52% in the last three years and with high-end models now $1,000 or more, consumers are finding it less affordable to upgrade. They also want to get the most use out of a more expensive phone. One of the ways that wireless carriers are helping to make the cost more affordable is by extending average contract lengths.