US mobile switching at a record low as consumers put off upgrades

The four largest US wireless carriers are signing up new mobile phone customers at their slowest rate in more than 15 years as consumers put off switching networks and upgrading their smartphones.

Verizon, AT&T, T-Mobile US and Sprint recruited 7.1 million of the most lucrative “postpaid” mobile phone customers in the second quarter. Analysts are divided on the reason for the phenomenon, with some blaming pent-up demand for the Apple iPhone 7 and a paucity of new smartphone features. Others argue that efforts by the networks to stop customers leaving have started to bear fruit, resulting in a smaller pool of switchers for their rivals to pick off.