Smartphone sales plateauing took longer than I expected mostly due to COVID, but it’s here now. There’s as little need to have the latest model phone every year or two than there is to have the latest model car.

Apple has already weathered it better than most by creating a subscription ecosystem (TV, iCloud, Music) and accessory ecosystem (AirPods/Beats, Watch, etc) around their phones. So you still end up sending them cash regularly even if you don’t buy a new phone. https://www.bloomberg.com/news/newsletters/2023-08-06/apple-iphone-15-comes-amid-us-sales-slowdown-tim-cook-q3-earnings-comments-lkzfs14u