Assurant , a global business services company, reports that revealed that US$4.3 billion was returned to U.S. consumers through mobile device trade-in programs in 2023. 

The $4.3 billion is a record industry-wide high as recorded by Assurant and is a 13% increase over 2022. In quarter four (Q4) specifically, $1.6 billion was returned to consumers via trade-in programs – the highest on record for this quarter.

Key findings from the “Assurant 2023 Mobile Trade-in and Upgrade Industry Trends” report include:

  • The iPhone 11 was once again the top device turned in through trade-in and upgrade programs.
  • Following the iPhone 11, the iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro were the most popular devices turned in.
  • Variations of the iPhone 12 made up more than half (51%) of the top five devices turned in during the year.
  • The Samsung Galaxy S21 was the top turned in Android device of 2023.
  • The average age of devices at trade-in was 3.46 years.
  • The number of trades conducted online in 2023 increased 10% year-over-year compared to 2022.

Highlights from Q4 2023 include:

  • Q4 2023 saw a total of $1.6 billion returned to U.S. consumers — a 25% increase from Q4 2022.
  • The iPhone 11 was the top device turned in through trade-in and upgrade programs, making up almost 30% of the top five devices. This was closely followed by the iPhone 12 at 23%.
  • The iPhone 11 has been the top turned in device for the last seven consecutive quarters.
  • iPhone trade-in values were the highest on record in Q4 2023, at $218, up from $186 in Q3 2023.
  • In Q4, four of the top five turned in devices were 5G enabled.

Article provided with permission from AppleWorld.Today