In a note to clients — as noted by Yahoo! Finance — Morgan Stanley analyst Katy Huberty — says that the iPhone X is not just pushing current Apple customers in China to adopt the high-end, pricey phone, but is even causing people to switch away from different brands.
“Additional data shows that iPhone X adoption in China is on a faster pace than the iPhone 8 and 8 Plus … Despite faster penetration of iPhone X vs. iPhone 8/8 Plus, we believe there remains significant pent-up demand from the base of 2+ year old iPhone owners,” she writes.
Huberty added that nearly half of Apple users in China who have already purchased the iPhone X upgraded from the iPhone 7 and 7 Plus, leaving a long “runway” of customers with phones older than two years.
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