Extending the life of your phone is more important than ever. The lifecycle of our phones is steadily increasing; from 2016 to 2019, the time between upgrades went from 23 months to 33, but this isn’t enough. Americans are keeping their phones for longer because of a few reasons. As phone prices rise, consumers are pushed to delay upgrades. In the past few years, many phone companies saw large price increases; the top 3 smartphone brands saw prices increase by 52% from 2016 to 2019.
[soros]Q2 2021 hedge fund letters, conferences and more
New Features Aren’t As Tempting As They Used To Be
In addition, new features aren’t tempting American consumers quite like they used to. A few years back, new “wow features” were enough to get consumers to upgrade their old phones, but currently, just 1 in 3 Americans is interested in upgrading their devices to take advantage of new innovations. Combined with the high prices, only 7% of those who have spent over $1,000 on phones say they will likely purchase the new 5G devices as soon as they are available to them.
Not only are consumers more hesitant to upgrade their devices, but phone companies are contributing to this process as well. Revamped carrier contracts break the previous 2-year upgrade cycle. Now more than ever, consumers are more likely to pay the full retail price for a new smartphone. Because of rising prices and the increased likelihood of paying full price, payment plans for new devices now can take longer than 2 years to pay off.
Consumers Are Considering To Repair Their Phone Rather Than Replacing It
Consumers are keeping their phones for longer, increasing the chances that they will break. Broken phones have always been a common occurrence in the United States; every second, 2 smartphone screens are cracked. Over 70% of people have broken a smartphone, which increases the likelihood that they will break one again. This is because many people don’t take the steps to safeguard their devices. Almost 45% of people weren’t using a case when their phone broke, something they would then fix after the fact.
If you break your device, consider repairing rather than replacing it. While 59% of people would rather upgrade their device than fix an old one, this number is slowly decreasing. The benefits of repairing a device are quickly surpassing the benefits of replacing it. Repairing a broken device helps the environment by reducing emissions, saving energy, conserving resources, and reducing e-waste. In addition, it is more convenient and saves you money. Chances are you have dealt with a broken piece of technology; before you rush to replace it, consider the alternatives.
Infographic source: uBreakiFix
