Here's why the iPhone 7 could sell just fine despite being a minor update

The latest iPhones are here, and as widely expected, they're not the kind of major upgrades we're used to seeing from a non-"s" Apple device. Sure, the upticks in processing and camera performance look great, but the design remains very similar, and there isn't one standout new feature.

All signs point to Apple saving its big renovations for next year's model, a strategy that some observers see as a significant risk to iPhone sales - especially considering that sales have been dropping to begin with.

As this chart from BI Intelligence shows, though, much of Apple's base might be looking for an upgrade regardless. As of August, 69% of iPhone owners used a model that's at least two years old. The iPhone 6 and 6 Plus are still nice phones, yes, but in a smartphone market that typically demands people re-up every two years, asking customers to wait one more might be a step too far.

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