Some 57 per cent of global consumers expect to upgrade to a 5G device in the next 24 months, according to research by data security firm Blancco Technology Group.
Following a turbulent year for smartphone sales, industry analysts expect the broader availability of 5G and strong global consumer intent to cause a resurgence in smartphone demand.
The study: ‘Online Device Trade-Ins: Building Trust in an Invisible Process’ also found that of those looking to upgrade, 49 per cent intend to trade in their old device as part of the process.
Yet while 69 per cent of consumers have never engaged with the online trade-in process, 41 per cent said they would be willing to use an online trade-in process in the future, and a further 31 per cent said they would consider it.
The study says that online device trade-ins can grow if consumer confidence is improved through greater transparency and appropriate data management.
Some 31 per cent of consumers said they were concerned about data misuse when they traded in a device online and 27 per cent do not trust an invisible, unassisted process.
Blancco executive vice president of products and technology Russ Ernst said: “The shift in shopping habits, along with the impending 5G smartphone supercycle, is creating a key inflection point for operators, retailers and OEMs to capitalise on their chance to put 5G devices in subscribers’ hands.
“Trade-ins will continue to play a key role in incentivising consumers to upgrade by subsidising the costs of new devices, and there is a significant opportunity at play for organisations involved in the collection of used devices to drive revenue through online device trade-ins.”
