There was a 28 per cent year-on-year increase in money returned to customers
Assurant‘s research has revealed that approximately $970 million was returned to US consumers through many mobile trade-in and upgrade programs- making it the highest third quarter recorded.
This was revealed in Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends Report which also showed steady growth in the secondary device market in the US.
Other findings include:
- The iPhone 11 was the top device received through trade-in and upgrade programs as it made up 38pc of the top five devices turned in
- iPhone 12 is the first 5G smartphone to appear in the top five of devices turned in
- Galaxy S9 continued to be the top Android device turned in
- The average age of devices traded in is now 3.46 years, compared to 3.5 years in Q2 2022
- The average trade-in value for devices was $111 compared to $26 last quarter
Biju Nair, EVP & President, global connected living & international at Assurant said: “We typically see higher volumes for device trade-ins in Q3 and Q4 because of new device launches around this time of year, which prompts consumers to upgrade. Though average trade-in value was down, total dollars returned to consumers through trade-in programs increased significantly in Q3 as we saw more customers taking advantage of trade-in offers.
“The positive volumes are a testament to consumers’ reception to the various promotions carriers, OEMs, cable operators and retailers are offering to migrate customers to 5G compatible devices and premium service plans. Additionally, many consumers are dependent on these promotions for their new device purchases especially during times of economic uncertainty, like the current inflationary environment.
“Globally, our clients and their customers are paying increasing attention to sustainability initiatives and how trade-in and upgrade programs enable them to contribute towards those initiatives. This year, through these programs, there have been 16.5 million devices collected resulting in over 3,000 metric tons of potential e-waste diverted from landfills,