In an era when a new smartphone seems to arrive every week, it is not surprising that Americans are constantly vying for the next new big thing. A recent report by Retrevo confirmed that this is, in fact, the case.

The standard contract offered by wireless carriers lasts two years. But, according to a survey of 500 American smartphone users, 62 percent of respondents believe their devices will be obsolete before their contracts expire.

While the simple answer may be to shorten contracts, this is actually more complicated than it seems. According to the study, 66 percent of respondents indicated they would not be willing to pay more for a shorter contract. Additionally, by offering a shorter contract, carriers run the risk of customers defecting to a new service provider after the agreement expires.

Given the number of new smartphones and mobile phone accessories constantly becoming available, it's understandable that consumers are enthusiastic about buying the latest technology on the market. According to a recent IDC report, the global smartphone market this year is expected to grow by nearly 50 percent compared to last year.