‘Waning demand for the iPhone’ seems to be a myth

Despite concerns about waning demand for the Phone, the device is still the must-have holiday gift, analyst Gene Munster told CNBC on Monday.

The Piper Jaffray managing director said on "Squawk Box" that a survey of 1,000 consumers conducted by his firm's retail team over the past month showed the iPhone was even more sought after this year, as Cyber Monday gets underway with Black Friday and the long Thanksgiving shopping weekend in the rearview mirror.

"The percentage of people who wanted an iPhone [was 7.2%]. That was the No. 1 requested gift. It was [5.2%] in 2015," Munster said, referring to the findings of Piper Jaffray's fifth annual Holiday Spending Intentions Survey.