The average UK consumer reportedly spends £77 each time they upgrade their mobile phone, equating to £2,688 over the course of their lifetime.
The research by mobile phone recycling price comparison site sellmymoblie.com revealed that upgrades are worth £2 billion each year to the mobile phone industry in the UK.
Out of the 1,000 people surveyed, the average consumer upgraded their mobile phone every two years. Of the £77 average cost for an upgrade, £69 is spent on terminating their old contract.
"We're a nation of mobile phone lovers – obsessed with getting a shiny new device whenever brands like Apple and Samsung put something new onto the market. But while it's great to have the latest gadget, make sure you don't get stung with high fees if you need to break your contract," said MD for sellmymobile.com Colin White.
The cost of terminating a contract seems to be overlooked when it comes to obtaining the latest device to hit the market, with 74 per cent of consumers claiming not to be interested in a contract that would allow them to upgrade without being charged for terminating it early.
"There are tariffs which enable you to upgrade your phone whenever you want, and recycling your old phone will give you some extra cash to put towards the new device," said White. "While the average handset now fetches a trade in value of £102, if you trade in newer devices you could get up to £435."