While it’s typically easy to gauge the popularity of a new iPhone model, current demand for Apple’s recently released iPhone 8 models is something of an enigma. Depending on who you ask, iPhone 8 sales are either disappointing or exactly where they should be in light of the forthcoming iPhone X release. A recent analyst note, however, is perhaps the most pessimistic take on iPhone 8 sales we’ve seen yet.

According to a research note from KeyBanc analyst John Vinh, Apple may have reason to worry. According to a recent survey conducted by Vinh, and originally published by Reuters, it’s not just that iPhone 8 sales are trending lower than anticipated, it’s that Apple is still selling more iPhone 7 models than iPhone 8 models. The supposed reason for this curious finding is that the iPhone 7 is more affordable and essentially delivers the exact same features as the iPhone 8.

The report reads in part:

“Many respondents indicated that a meaningful portion of customers are buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone,” KeyBanc analyst John Vinh wrote in a client note.

Vinh also said feedback from stores indicated that customers were waiting to purchase the iPhone X or to compare the iPhone X with other models before buying the iPhone 8.

As with many analyst notes, you’ll definitely want to take this one with a grain of salt. Besides, with Vinh basing his research on surveys conducted in carrier stores, it remains unclear just when the surveys were conducted. Further, solely focusing on surveys in carrier stores completely ignores buying patterns and data from heavily foot trafficked locations such as Best Buy and, of course, Apple retail stores.

All that said, iPhone 8 chatter will soon give way to speculation surrounding demand for the iPhone X. From the looks of it, it stands to reason that iPhone X demand will be exceedingly high, with the looming question being if Apple will be able to meet demand in time to keep interested buyers happy.

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