While I think I may not upgrade yearly, I kid myself as I just enjoy my toys too much. Getting the new phone every year is what I do.
My iPad Pro 11 is 2018 and I haven't yet found a major need to move up. Sure the newest pros have better cameras, but to me, I have never found a need to take photos on an iPad.
My Apple Watch is Series 4. If they come out with one which is a truly significant upgrade to the Series 4, I'll do that. We may upgrade this year to the New Series 7. It's got a bigger screen, always on display, a longer lasting battery and more memory, is it could well be the upgrade to get up into a new watch. It could be Santa's gifts this year.