Apple’s tenth-anniversary phone, which most are calling the iPhone 8, is expected to come with a high-end price tag of $1,000 or more. The phone will have several less costly rivals like Google Pixel 2 and the Galaxy S8, but that may not be enough to sway potential iPhone buyers.

Apple iPhone 8
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Apple iPhone enjoys a high loyalty rate

iPhone sales have seen a drop this year, which led many to wonder just how many users will be making the upgrade to the latest phone. But according to a recent survey by investment firm Morgan Stanley, iPhone users are pretty loyal to the Apple brand and will upgrade to the upcoming handset.

The survey found that over 92% of iPhone owners were likely to upgrade to the next installment of the device over the coming 12 months. Only 77% of Samsung users were planning to upgrade, whereas other smartphone makers stood even lower. For example, only 56% of Motorola owners were planning to upgrade, only 59% of LG owners were planning to upgrade, and over 42% Nokia users said they were likely to upgrade their current phones.

Last year, the survey found a loyalty rate of about 86% among iPhone users. The findings are based on a survey of over 1,000 smartphone users aged 18 and above in the United States. Morgan Stanley also raised Apple’s price target to $177 from $161.

“Its our belief that a maturing installed base that is accustomed to iOS and increased press around potential new technologies in the upcoming iPhone drove the strong year-over-year increase,” said analyst Katy Huberty.

What’s even more positive for Apple is that this rise in loyalty comes even after the launch of the Galaxy S8, which was available for pre-order starting March 30, notes Huberty.

What to expect from the iPhone 8

The findings of the survey underscore that consumers are willing to pay a good price for the iPhone 8 if it has amazing features, and we have already heard a lot about the amazing features that the upcoming iPhone is expected to come with.

The iPhone 8 is expected to come packed with excellent features like a display-embedded fingerprint scanner, facial recognition, an edge-to-edge display, and more. The phone is expected to arrive later this year with the iPhone 7s and 7s Plus. The device is reportedly going to have a glass frame to support long-range wireless charging over Wi-Fi. It is also expected to have a 10nm-based A11 processor.

Among other improvements, the iPhone 8 is rumored to feature a 5.8-inch OLED screen with embedded Touch ID, wireless charging and virtual home button. The iPhone maker has already invested over $200 million in display glass maker Corning. This investment is expected to assist the glass maker in creating a special curved version of its Gorilla glass for the upcoming iPhone.

The iPhone 8 is expected to be released in late September or early October, but there are reports that it could be postponed. Speaking to this, Huberty says that they have “not yet seen delays in the supply chain” and expect the production to go as per the usual schedule.

“Nevertheless, we remain conservative in our initial expectations for iPhone supply,” the analyst cautioned.