The global market for pre-owned smartphones boomed to to 309 million units last year and its expected to reach 431 million units by 2027.
So say the latest findings from the Recommerce Barometer, unveiled in collaboration with Vodafone indicating a surge in European interest towards purchasing refurbished smartphones. According to the report inflationary pressures are giving European consumers an incentive to prefer refurbished devices.
Recommerce claims to be one Europe’s leaders in the refurbishment and resale of high-tech products.
More than 43 per cent of people in Europe have previously owned a second-hand smartphone, up the previous year’s figure of 42 per cent. Around 35 per cent of people surveyed said they intended to upgrade their smartphones within the next year, with refurbished models expected to account for a significant portion of the projected 27 million devices to be sold.
The survey was conducted across 12 countries,. More than 60 per cent of respondents in markets such as Romania and Spain said they would consider buying refurbished devices
The report cites affordability as the primary driver, More than 67 per cent of European consumers highlighted cost considerations. Environmental consciousness emerges as another significant factor, with 39 per cent of respondents citing it as a reason for choosing refurbished devices.
The study cites 27 per cent of consumers saying warranty assurance are a contributing factor.
The report explores the burgeoning trend of smartphone trade-ins, indicating a growing inclination among European consumers towards trading in or selling their current devices for subsequent refurbishment and resale.
The findings underscore a significant shift in consumer behaviour towards embracing refurbished smartphones, reflecting a broader movement towards sustainable consumption practices.