“users are keeping their devices longer, a trend that could continue”
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You can only go so far in tinkering to try to come up with “improvements” that people care about - at least care enough to sink more money into whatever. An extra flashing light or dancing girl just doesn’t cut it after awhile.
And usually with each “new and improved” product you run into new problems, which tends to turn a good number of people off.
I think that you are right. The newest phone that we have is several years old and it still does everything that we need a smart phone to do. And if you put a case and screen protector on them... cell phones look good for a long time.