Nowadays smartphone lasts more than 2 years. There isn’t a lot of innovation in it, and the brand is decently offering more than two years of support for its devices.

In the high-end segment, the stretch is now exhausted with regard to the new innovation. Yes, we have Folds, but they have mid-series cameras (for example, Fold4 vs. Galaxy S22 Ultra). Until foldable devices also get the same cameras as their non-foldable counterpart, we’ll be left with a few years later.

Grab ’em beek 11/12 years ago, it pays to get a new phone every year, because innovation was much faster back then. Looking at the quality of the phones I own (LG KU990i Viewty, HTC Wildfire, Wolfgang AT-AS40SE, Zopo 980+, Archos 50 Diamond, Moto X Play, Moto Z3 Play, Galaxy Note10 Lite, Galaxy S22 Ultra), then I gradually see major improvements In both image quality and feature set.
We are now in a period where not many new features have been added, so that people use their smartphones for a longer period.

Foldable devices may be the future, but many iterations are still needed to use them as long as the current smartphone. In addition, the price also plays a role. I already lost about 500 euros for a good phone, which used to be high end phones.

Additionally, in terms of software, Apple and Samsung (and I think also Nokia) are doing very well with software upgrades and security updates. The rest of the brands do it in a shorter way in terms of updates.

In general, I think prices will continue to rise.
I can already see Apple filling in the headlines with: “Latest iPhone Available Now Starting at €1999”.
Don’t forget that Apple was one of the first brands to omit the headphone jack, the iPhone X was the first to cost €1,000, and accessories and repairs often cost more than other brands.