Assurant — a global business services company that supports, protects and connects major consumer purchases — has revealed that consumers are continuing to hold on to their smartphones for longer, with the average age turned in through trade-in and upgrade programs crossing the 3.5-year mark for the first time.
The report sys that US$767 million was returned to US consumers in Q2 2022 through mobile device trade-in programs which is a 34% increase from the same quarter last year, even as consumers hold on to their devices for a longer time.
These findings are part of Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends report for Q2 2022, which reveals steady growth in the secondary device market year over year. The report uses data from Assurant’s Device IQ analytics platform, as well as industry market data, to provide insights into the device trade-in and upgrade trends in North America.
The report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, the average age and value of smartphones at trade-in and upgrade, along with trade-in trends for Apple watches. Here are some highlights from the report are:
- The average age of iPhones turned in through trade-in and upgrade programs has risen to 3.51 years, while the average age for Android models is now 3.62 years.
- For the first time, the iPhone 11 was the number one turned in device, making up 35% of the top five devices received from trade-in and upgrade programs. This was closely followed by the iPhone XR which had occupied the top spot for the previous five quarters.
- The Galaxy S9 remained the top Android device turned in since Q2 2020.
- The average trade-in value for all devices has seen an increase, rising from $123 in Q1 2022 to $137 in Q2 2022.
- Online trades also saw an increase, this past quarter, of 63% in comparison to the same quarter last year.
- For wearables, the Apple Watch Series 7 continued to have the highest trade-in value at $186, this was followed by the Apple Watch Series 6 at $123.
Article provided with permission from AppleWorld.Today