ISSAQUAH, Wash.—The practice of consumers tossing away their cell phone every two years for a new model is fading, according to a new report.
A study by Chetan Sharma Consulting shows that the average American is now hanging on to their cell phone nearly three years—that's up from about a two-year upgrade cycle in 2014, reported Axios.
The big culprits: The end of two-year contracts and a maturing cell phone market have been the key factors, Axios explained.
"Consumers are treating phone purchase akin to a computer buy and given that there are only minor hardware changes from model to model (with exceptions), there is less incentive for consumers to upgrade," Chetan Sharma, CEO of Chetan Sharma Consulting, told Axios.
The X factor: Sharma says the arrival of the iPhone X could lead upgrade cycle times to shorten in the coming quarters, Axios added.