U.S. consumer plans to buy new Apple iPhones have fallen to their lowest level in five years, according to a semiannual survey by investment bank UBS. Apple stock dropped on Monday.
The 12-month iPhone purchase intent in the U.S. dropped a percentage point to 17% in the latest UBS survey. That's "the lowest reading in five years," UBS analyst David Vogt said in a client note Sunday.
Purchase intent also softened in China to 16% from 22% a year earlier. The survey noted a lower reading in the U.K. and unchanged purchase intent in Germany. Japan was the only region that saw an uptick in purchase intent year over year to 13% from 11%, UBS said.
The average age of an iPhone in use trended higher to 22.9 months in the latest survey. That's up from 21 months a year ago and 21.8 months in the last survey.
For its latest survey, UBS polled over 7,500 smartphone owners in the U.S., U.K., China, Germany and Japan to gauge smartphone demand. The poll took place from April 17 to May 6.
UBS has been conducting the biannual survey for the past 10 years.
"The survey results, coupled with competitive and macroeconomic headwinds, are consistent with our view of sluggish iPhone demand," Vogt said.
He rates Apple stock as neutral with a 12-month price target of 210.
On the stock market today, Apple stock slid 1.2% to close at 201.45.
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