Over the past few weeks, we’ve seen a few reports claiming that iPhone 8 sales have been somewhat slow. Just this week, newly released data from Consumer Intelligence Research Partners (CIRP) revealed that Apple’s iPhone 8 models are selling about as well as an ‘S’ release. Which, all things considered, isn’t that surprising given that a) the iPhone 8 is essentially an ‘S’ level upgrade and b) the more exciting iPhone X launch is just around the corner.

Still, analysts have been willing to forgive lukewarm iPhone 8 sales on the assumption that demand for the iPhone X will be through the roof. Indeed, reputed analyst Ming-Chi Kuo anticipates that the iPhone X may help Apple sell more iPhones in 2018 than ever before. Not everyone, though, is convinced that iPhone X sales will be record-setting.

According to a new survey conducted by Bernstein (via Reuters), demand for the iPhone X will be large, but not mind blowing. In a survey that included 1,112 current iPhone owners, 48% of respondents said that they were “excited for the iPhone X” but only 25% said they were planning on buying it.

“The excitement surrounding the iPhone X appears to be magnitudes higher than actual purchase intent,” the survey results read.

That said, it’s hard to read too much into this statistic without first knowing what similar surveys from Bernstein have revealed in the past. More specifically, is the 25% figure for purchasing intent abnormally lower or higher than usual for a new iPhone release?

Interestingly enough, this isn’t the first report we’ve seen which calls into question just how big the iPhone X upgrade cycle will be. Earlier this month, Deutsche Bank analyst Sherri Scribner said that the optimism surrounding the iPhone X is not grounded in reality.

“We remain wary that investor expectations for the iPhone 8/X cycle are more optimistic than realistic,” Scribner said in an investor note. “Expectations are pricing in more than Apple can chew.”

The good news is that we won’t have to wait long to see how iPhone X demand pans out, with the device set to hit store shelves on November 3. Still, with initial supply said to be extremely low, it may be hard to fully gauge how strong demand for the iPhone X is until Apple manages to boost supply significantly.

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