Purchases of the iPhone 13 slowed in September, says analyst Samik Chatterjee, as if buyers thought the 14 was worth waiting for.
From a note to clients that landed on my desktop Friday:
Recent surveys from Wave7 Research into US sales trends across various carriers indicate that iPhone 13 share moderated in August, in anticipation of the iPhone 14 launch in September, which, as per some sources at a national retailer, is expected to fare better than iPhone 13. The moderation in iPhone 13 share by about 500 bps across service providers in August compares with limited moderation into the iPhone 13 launch but a similar 500 bps moderation into the iPhone 12 launch, implying that consumers were anticipating substantial reasons to delay purchases and upgrade/ buy the iPhone 14 and could bode well for iPhone 14 volume outlook even though it likely hurts Sep-Q sales of older iPhones. Additionally, in a survey conducted by Wave7 Research (in collaboration with other research groups), customers are showing more interest towards Pro models, with combined preference of iPhone 14 Pro and Pro Max models being as high as 80%.
Maintains Overweight rating and $200 price target.
My take: Another sign that ASPs are rising like the tide.