784M Returned to US Consumers in Q1 2022 via Mobile Device Trade-In Programs
Assurant, Inc. (NYSE: AIZ) reported a 17% year-over-year increase in trade-in program value, translating to $784 million returned to U.S. consumers in Q1 2022. The report highlights growing consumer participation driven by environmental consciousness and 5G device promotions. Key findings include the iPhone XR as the most traded device for five quarters and a slight decline in average trade-in value, down to $123. The rise in the age of Android devices traded in indicates a shift in consumer behavior towards sustainability.
- 17% year-over-year increase in trade-in value, equating to $784 million returned to U.S. consumers.
- Increased consumer awareness and participation in trade-in programs, promoting sustainability.
- Top traded devices reflect strong brand loyalty, with iPhone XR and Galaxy S9 leading for multiple quarters.
- Average trade-in value dipped from $136 to $123 in Q1 2022.
- The average age of traded Android devices increased significantly, suggesting potential market saturation.
Continued year on year growth highlights the role mobile trade-ins and upgrade programs play in promoting a circular economy
Using data from Assurant’s Device IQ analytics platform, as well as industry market data, the report provides insights into trade-in and upgrade trends in the North American market. 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 watches.
Key highlights from the report are:
-
The iPhone XR was the top turned in device for the fifth consecutive quarter and made up nearly
33% of the top five devices in the first quarter received from trade-in and upgrade programs. This is closely followed by the iPhone 11, which made up31% of the top five. - The Galaxy S9 continued to remain the top Android turned in device for the seventh consecutive quarter.
- Android devices have seen a significant increase in the average age of those turned in through trade-in and upgrade programs, rising from 2.97 years in Q4 2021 to 3.29 years in Q1 2022. In contrast, there hasn’t been a major shift in the average age of iPhones with a device age of 3.35 years in Q4 2021 comparing to 3.39 years in Q1 2022.
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The average trade-in value for all devices dipped slightly in Q1 2022 to
, compared to$123 in Q4 2021.$136 -
For wearables, the Apple
Watch Series 7 had the highest trade-in value at , this was followed by the Apple$195 Watch Series 6 at .$148
“A number of factors continue to prompt consumers to take advantage of trade-in and upgrade programs when purchasing their next device. There’s certainly the appeal of 5G devices and the enticing promotions being offered across the ecosystem, but also the growing collective consciousness towards our environment and the importance of extending the life of or recycling devices. Disposing of e-waste can be complex for many reasons and, by participating in these programs, consumers can feel confident they are doing their part towards preserving the environment,” said
“Beyond putting 5G devices within reach for more consumers, trade-in programs also improve accessibility to affordable, smart devices through the secondary markets, as devices are given second, or at times, third lives. This plays a significant role in bridging global digital divides and promotes digital transformation around the world.”
The Assurant Q1 2021 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
About Assurant
Learn more at assurant.com or on Twitter @AssurantNews.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005043/en/
Media Contact:
Andy Mus
Director,
andy.mus@assurant.com
770.763.1694
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