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Piper Jaffray: 77 Percent Of iPhone 4 Purchases Were Upgrades

It’s not surprising that a majority of the buyers who waited for hours to purchase an iPhone 4 already had previous interations of the device, but Piper Jaffray analyst Gene Munster’s three-city survey found that 77 percent of yesterday’s sales were upgrades. As Digital Daily notes, that’s way up from the 56 percent who told Munster that last year’s iPhone purchase was an upgrade from the previous version. It’s also a marked contrast from two years ago, when 38 percent upgraded from the first iPhone. It would appear that there’s no dimming of the excitement of someone who’s bought iPhone. But Munster is betting that the upgrade trend line may peak with the iPhone 4 this year.

While it’s still all good news for Apple (NSDQ: AAPL), Business Insider points out that the survey results didn’t produce much of a gain for AT&T (NYSE: T). About 16 percent of buyers switched to AT&T from another wireless service, down from 28 percent last year.