Average age of smartphones turned in through trade-in and upgrade programs has broken the 3.5-year threshold
Trade-in saw 34% year on year growth even as
average device age continued to climb
Assurant (NYSE:AIZ), a leading global business services company
that supports, protects and connects major consumer purchases,
today 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 years mark for the
first time. $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
Key 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
- The Galaxy S9 remained the top Android device turned in since
- 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.
“Global demand for pre-owned devices in the secondary market
continues to grow, reflected by the rise in trade-in value,” said
Biju Nair, EVP & President, Global Connected Living &
International at Assurant. “Though consumers are holding onto their
devices for longer, we are seeing increasingly more consumers
trading in their devices. Our year-over-year global mobile devices
serviced volumes, which includes trade-in activity, increased 18%
driven by strong promotions from carriers. Typically, we see an
uptick in trade-in activity in the third and fourth quarters as a
result of OEMs, wireless providers, retailers and cable operators
offering enticing incentives resulting from new device launches.
These offers enable providers to recoup promotion costs while
extending the life of used devices, supporting sustainable
practices – a win-win opportunity for the entire ecosystem.”
The Assurant Q2 2022 Mobile Trade-in and Upgrade Industry Trends
report is available for download here.
Assurant, Inc. (NYSE: AIZ) is a leading global business services
company that supports, protects and connects major consumer
purchases. A Fortune 500 company with a presence in 21 countries,
Assurant supports the advancement of the connected world by
partnering with the world’s leading brands to develop innovative
solutions and to deliver an enhanced customer experience through
mobile device solutions, extended service contracts, vehicle
protection services, renters insurance, lender-placed insurance
products and other specialty products.
Learn more at assurant.com or on Twitter @AssurantNews.
version on businesswire.com: https://www.businesswire.com/news/home/20220908005057/en/
Press Andy Mus Director, External Communications
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