People are holding onto their smartphones for longer periods of time
The average smartphone is faster than ever, the two-year contract is all but dead, and the average upgrades between phone generations have, in many cases, become less stark.
Add it all up, and you get this chart from Statista, which shows how smartphone buyers across America and Europe are holding onto their phones for longer periods of time. According to a recent report from analyst firm Kantar Worldpanel, American users held onto their smartphones for an average of 22.7 months before upgrading in 2016, up close to two months from 2014. The difference is just as big in many major European markets.
The trend doesn't quite carry over to China, however, where the smartphone market is still a little more fluid, online shopping is more prevalent, and lower-cost phones from companies like Oppo and Vivo are especially popular.
Business Insider/Jeff Dunn
- I bought a car wash at 22 years old. It basically runs itself — and I make $5,500 in passive income each month.
- Companies say Elon Musk's plan to charge $1,000 for month for Twitter checkmarks is 'outlandish' and makes them 'meaningless'
- A lawyer who quit to become an OnlyFans performer says she now makes more money and is happier
- Electronic manufacturing services firm Avalon Technologies’ ₹865 crore IPO to open on April 3
- Sky gazers in for celestial treat tonight with 5 planets forming an arc
- Sensex, Nifty close marginally down in volatile trade
- After disappointing 2022, wind industry to expect record installations over the next three years: GWEC report
- Most infidelities committed during honeymoon phase, says survey by extramarital dating app Gleeden