Two
analyst reports claim that a large majority of customers waiting in line for yesterday's US iPhone launch were repeat customers. According to Piper Jaffrey’s Gene Munster,
77 percent of those waiting in line already owned an iPhone, while Oppenheimer analyst Yair Reiner found a very similar 76 percent of customers in the same boat. According to the Oppenheimer numbers, the average length of time before upgrade was 14.7 months.
...
He points out that what's much more important than opening day numbers are the hordes of iPhone users who continue to upgrade as their contracts expire, despite vocal displeasure with AT&T service in some regions.