There are mid range smartphones in the 650usd range that can do everything the 1000usd plus phones can do, i think a 1500 smartphone is a stupid purchase.
And that’s a big part of it. Is that a good portion of consumers will continue to use their current phone until it’s no longer functional or needs a battery replacement, etc. They just find that their phone does everything they need it to, unless they are more tech oriented or Apple enthusiasts where they desire the latest devices.
I generally like to have the latest devices every year, but even I’m to the point where it certainly is *not* a necessity for me, but more of a ‘want’.