Have you been hanging onto your smartphone for longer than two years? You’re not alone. More and more folks are holding off on upgrades as new models come with eye-popping price tags and old models last longer. By traditional industry metrics, a phone three to four years old is downright ancient. And if the phone in your pocket is from 2014, you’re giving smart phone executives serious heartburn.
With the market saturated, folks upgrading less frequently, and sales declining in all-important China, vendors can’t count on strong sales growth in coming years. Long after the U.S. and other developed markets had seen sales plateau, China was still going strong with its rising middle class scooping up phones at a rapid clip. Now growth in China has dried up. Quarterly sales in the country have been declining for more than a year.
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