Yeah good point on the income thing.. It might be a big deal over there. Around these parts (USA), people have largely moved on from phones as any sort of status symbol or care. Just 5-6 years ago people used to talk about their phones, show them off, brag about them. I haven't seen this happen for a long time (several years).
I think the market has reached not only plateau, but it's dropping. I have no evidence of this other than to state it's what I noticed.. People not giving a hill of beans over phones anymore. Some people seem to be buying smaller, cheaper refurbs of previous generation ones. Burrito pointed out, the newer phone price points seem to be DROPPING now. Maybe that is the best indicator.
My phone holds several days of charge. Runs great. Has a nice camera, plenty of storage. Unless it dies, I am keeping it for as long as possible because I have no reason to upgrade. Same with the family.. We're good.. It used to be that we wanted new, expensive phones with every big release.. Glad those days are past!