Huge number of iPhone users ready to upgrade

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iPhone XS, iPhone XS Max, and iPhone XR
Expect a rise in iPhone sales as users of Apple's current models move to the 2018 lineup.
Photo: Apple

Almost everyone who wants a smartphone already has one, so device makers depend on upgrades among current customers to make money. Fortunately for Apple, an analyst reports there’s a surge of interest in buying a newer model.

The rising desire to upgrade isn’t limited to iPhone users, but the analyst says Apple will benefit the most.

Bank of America Merrill Lynch polled 91,000 consumers about their interest in replacing their phone with a newer model. 

“Our survey suggests interest in upgrading to an iPhone rose significantly in recent months, with steady growth following the announcements of the iPhone Xs and iPhone Xr” wrote analyst Wamsi Mohan in a note to investors today.

Swapping old for new drives iPhone sales

Of the 91,000 polled, 31 percent intend to get an Apple handset. That’s compared to 15 percent who have their eye on a Samsung device.

And the iPhone sales won’t be happening in just the U.S. “Our survey points to a significant opportunity for growth in both China and India,” wrote Mohan.

There’s no official word yet on whether upgrades are already pushing up new iPhone sales. Unofficially, we know the iPhone XS and XS Max are selling better than the iPhone 8 series did. And we’ll get anecdotal evidence when  iPhone XR pre-orders start Oct. 19. But truly definitive info will have to wait until Nov. 1 when Apple will announce the financial results of the July-September quarter.

Source: CNBC