Deloitte's Connectivity and Mobile Trends survey reveals that 67% of consumers are more likely to pick up a new handset once 5G-compatible devices are available.
Of the smartphone users taking part in the research, 16% of them think 5G capabilities will be a key factor when it comes to choosing their next phone.
Meanwhile, 26% chose display quality as their dealbreaker, and 22% admitted brand plays a big role.
In a statement, Deloitte Vice Chairman Kevin Westcott said: "As carriers roll out 5G in the United States, a significant number of consumers will adopt the service quickly -- if it delivers on its promise of faster speeds and better coverage. "Major networks and studios will continue to launch their own streaming and other data-heavy entertainment services like online multiplayer games, augmented reality, and virtual reality, accelerating the race to attract and retain customers."
The survery also revealed how one in three consumers have a handset which is at least two years old, with less than 60% planning on buying a new phone by 2021.
Deloitte suggests that aside from economic reasons, more than half of customers simply don't see the need in upgrading from their current models.