I certainly don’t spend that much on a phone every year and I don’t even spend that when I do upgrade anyway. The only people who seem to upgrade every year in my experience are people here as I don’t personally know anybody who does away from the internet. I find if anything people are keeping iPhones longer than 2 years and the non Pro models are far more popular.
For those who do it as a hobby and don’t spend much on other types of enjoyment, it’s fine and their money. For me, it’s a ridiculous waste of money that doesn’t return any benefit
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