I think this is part of the reason why Apple has been promoting subscription services. iPhones have historically been apple's largest revenue source, but revenues have been increasing, from about 10% to 20% over the last 10 years.

Lets say the lower 50% of consumers buy something like a $1000 phone every 4 years currently, and they switch to buying a 16e for $600, or a decrease of $100 a year per customer. In revenue terms you could offset this by selling .5 customers a $240 a year Apple one subscription, up-selling a iPhone pro customer to 1TB storage, or convincing someone to buy a pair of Airpods Max over regular Airpods.