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American consumers are holding on to their largest purchases for longer. In 2015, just 6 percent of iOS and Android users had owned their previous phone for three or more years. Today, that’s up to 31 percent of iOS users and 22 percent of Android users. The average age of a passenger car on the road has increased from 11 years in 2014 to 14 years today, and people are living in their homes for an average of 11.9 years, up from 6.5 years in 2005. Part of this is higher up-front costs, and better durability of the assets in question means less of an incentive to buy new as often as one once did.
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