I am aware of people that like to switch to new phone every year only because they have money and like to flaunt it but ideally it's not a good thing as per my views.
I still have two feature phones that take care of my needs. All what I need is to receive and send SMS.s and talk which I do quite efficiently. No bother of Apps and countless Ads that one gets on a smart phone My desktop and the camera takes care of everything else.
I used to stick with my smartphone for at least 1-2 years but this time I went for a premium smartphone so it's been more than 3 years and like to work with it for at least 2 more years.
I always back everything up on the cloud, so when it does die, I can just go get a new phone and transfer everything from the cloud over to the new one.
My current one is an iPhone 12 Max Pro.
When it dies, I'll get whatever is the latest and greatest and use it until it dies, LOL.
I think this is how it should be but some of us like to switch to a new phone every year or every 2-3 years and like to sell the old one or get it exchanged while buying the new one.