Good news for Apple: Percentage planned iPhone upgrades this year is increasing

A new survey suggests that a growing percentage of consumers in the U.S., U.K., China, and India plan to upgrade their smartphones in the year ahead, which bodes well for iPhone sales and Apple stock, an analyst says.

The pro camera system on iPhone 13 Pro and iPhone 13 Pro Max features an all-new Ultra Wide camera with autofocus which enables macro photography natively on iPhone, a new Wide camera, and a new Telephoto camera with increased 3x optical zoom.
The pro camera system on iPhone 13 Pro and iPhone 13 Pro Max features an all-new Ultra Wide camera with autofocus which enables macro photography natively on iPhone, a new Wide camera, and a new Telephoto camera with increased 3x optical zoom.

Patrick Seitz for Investor’s Business Daily:

A BofA Securities survey of consumers in the U.S., U.K., China and India shows a higher intent to upgrade smartphones this year, BofA analyst Wamsi Mohan said in a note to clients Thursday.

In the January survey, 30% of respondents said they plan to upgrade their smartphones on an annual basis. That’s higher than the 23% level recorded in March 2020 at the start of the Covid pandemic. However, it’s still below the 32% level from December 2019 before the pandemic.

“Overall intent to upgrade to an iPhone has been trending positively with a corresponding drop in intent to purchase competitor phones,” Mohan said. “Customer loyalty for Apple remains strong with 67% of current iPhone users intending to buy an iPhone during their next upgrade, which compares to 55% for Samsung, 49% for Huawei and 37% for Xiaomi.”

MacDailyNews Take: During the December quarter, Apple set an all-time revenue record for iPhone when the percentage planned iPhone upgrades was down!

Mohan has a “Buy” recommendation on Apple stock and his BofA price target set at $215.

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1 Comment

  1. Apple is the ‘mighty boot’ (Duke Nukem reference) right now. Almost everything is coming together even the previously stagnant Mac lineup.
    They are in rarified air of supply chain, gold standard brand name, nearly completely vertically integrated (way about competition) making the SOC to suit the UI and able to sell and eco, their cash reserve is as high as they want it (and has been that way for a while), non hardware services expanding and rocketing, new products coming, and the big one that has largely been overlooked by Wall Street: Apple recognized(a bit late) a few years ago that upgrades by customers would be longer. They’ve positioned the company cyclicals based on the longer spans.

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