Apple Sees Stronger Than Expected iPhone Refresh Cycle
Apple is set for a stronger-than-expected iPhone refresh cycle, according to Evercore ISI's latest consumer survey. The firm polled nearly 4,000 consumers and found that pricing could rise by more than 20%, driven by higher list prices, pricier models, and a shift towards larger memory configurations.
The survey showed that 53% of respondents plan to buy the iPhone 18 Pro or Pro Max, with 32% specifically eyeing the Pro Max. This is up from 29% last year. Demand for the new foldable iPhone Duo appears more subdued at 14%, but Evercore expects this to improve closer to its mid-October launch.
The survey also found that upgrades are increasingly driven by aging devices, with 67% of respondents citing an old iPhone, up from 48% last year. As consumers gravitate towards higher memory tiers and Apple rolls out 2-terabyte Pro and Duo models, the firm sees average selling prices rising about 28%.
Evercore also flagged stronger interest in wearables, with Apple Watch purchase intentions at 38% and AirPods at 43%, both up on last year. The firm cautioned that the survey is U.S.-specific but believes demand appears modestly ahead of last year and points to upside to fiscal 2027 revenue versus Street estimates of about 7% growth.