The number of new phones released each month has more than doubled since 2012, according to new research from mobile analytics firm Verified Devices.
The firm’s research, which looked at all new phones that were launched between April 1 and September 30 of this year, found that the average price paid for a new phone rose from $199 to $299 in that same time period.
The average price of a new Android phone dropped from $299 to $249 in the same time frame, the firm found.
Verified Devices said the figures were consistent with other research that found consumers are paying significantly less for smartphones than they did a year ago.
Verizon is the first wireless carrier to officially offer a new smartphone at a price lower than $199, which is about half of what consumers were paying in 2016, according in the report.
Verizon’s price cut comes at a time when carriers are trying to sell more smartphones, as the company’s stock has declined by more than 70% in the past year, and the company is on track to report its biggest quarterly profit in nearly a decade.
Verizon, meanwhile, reported $6.8 billion in sales in the fourth quarter, the biggest year-over-year decline in its business.
Verified devices CEO Chris Perna said the company was pleased with its findings, adding that it was not necessarily surprising that consumers were willing to pay a lower price.
“The numbers tell us that we are seeing consumers and businesses pay more than ever for smartphones,” he said in a statement.
“Verizon is one of the few wireless carriers that is offering a new device for less than $249, and with more than one billion new customers in the U.S. today, the new price is going to have a huge impact on customers and their wallets.”
Perna told The Verge the company had already been tracking smartphone sales and pricing, and its findings showed consumers were spending less on smartphones.
“We were really interested to see how consumers felt about the price, and we found that they were paying less for a smartphone at the moment than they have in the last five years,” he told The New York Times.
“It’s not surprising that they’re spending less, but it does tell us they are paying less than they would have otherwise.”
Penna noted that the latest research was based on sales data, not a review of prices.
However, he said the firm would continue to work with carriers and manufacturers to help them keep up with consumer trends.