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Worldwide smartphone shipments are expected to decline 14% ... the steepest annual contraction in smartphone history. Manufacturers focusing on selling fewer higher-end products, driven by elevated prices for RAM and transportation/fuel.
Price goes up, people are facing other inflationary pressures, worries about job security, etc. New phone is totally optional, easily punted. When was the last time phones had a really good new feature? (says guy with 2020 iphone SE that still works just fine)