Evercore Survey Says Apple iPhone Refresh Cycle Is Stronger Than Expected

A recent survey by Evercore ISI suggests that Apple is experiencing a better-than-expected iPhone refresh cycle, driven in part by pricing.

The firm's annual survey of nearly 4,000 consumers found that 53% of respondents plan to buy the iPhone 18 Pro or Pro Max, with 32% specifically eyeing the Pro Max. Demand for the new foldable iPhone Duo is lower at 14%, but Evercore expects this to improve closer to its mid-October launch.

The survey also showed that upgrades are increasingly driven by aging devices, with 67% of respondents citing an old iPhone as their reason for upgrade, up from 48% last year. As consumers gravitate toward higher memory tiers and Apple rolls out larger models, Evercore sees average selling prices rising about 28%. This is attributed to higher list prices, pricier models, and a shift towards larger memory configurations.

The firm also noted stronger interest in wearables, with Apple Watch purchase intentions at 38% and AirPods at 43%, both up on last year. Evercore sees this as pointing to upside to fiscal 2027 revenue versus Street estimates of about 7% growth.