Consumers Upgrade Smartphones Faster as AI Demand Grows

A new survey by Citi reveals that consumers are planning to upgrade their smartphones more frequently than in previous cycles, with holding periods shortened to 2.1-2.7 years from 2.9-4.3 years previously across all regions.

The trend is driven by demand for AI-enabled devices, particularly among owners of older iPhones seeking access to intelligence features.

According to the survey, Apple purchase consideration exceeded current ownership levels across markets, supporting potential share gains for the company.