All told, I've probably bought less than half as many phones as I'd prefer. Yes, I do eventually buy one because they effectively are required nowadays, but that's quite a lot of money that isn't going into these company's hands.
Meanwhile, the rest of the market also seems to be lengthening their time between phone purchases..... and phone manufacturers respond by releasing bigger and more expensive phones year over year over year. I won't try to claim it's the majority of the cause, but surely there's some connection between those two.