Perhaps your assumption is wrong. In a high income cohort, I know zero people that buy new phones every year.

https://nsysgroup.com/blog/average-device-lifespan-how-long-...

> Consumer Intelligence Research Partners (CIRP) shares more data on smartphone lifespan by brand. According to their research, people who use iPhones keep their devices longer: 61% of Apple smartphone users and 43% of Android users have owned their previous devices for two years or more.

>Notably, 29% of iPhone users held onto their phones for more than three years, compared to 21% of Android users. Additionally, CIRP found that over a third of iPhone buyers (both those who previously used iPhones and Androids) have owned their devices for over three years, while fewer than a third have owned them for less than two years.