Almost a billion dollars returned to U.S. customers in third quarter through mobile device trade-ins

Rhea-AI Summary

Assurant revealed that $999 million was returned to U.S. consumers through mobile trade-in programs in the third quarter alone. More than 50 percent of the top five traded models were 5G capable devices, signaling the continued growth of mobile device trade-in programs and the secondary device market.

More than half of the top traded models are 5G devices

ATLANTA--(BUSINESS WIRE)-- Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed that $999 million was returned to U.S. consumers through mobile trade-in programs in the third quarter alone. The iPhone 11 still dominates as the top traded device – as it has for the last six quarters – but for the first time more than 50 percent of the top five traded models were 5G capable devices.

The latest Assurant Mobile Trade-in and Upgrade Industry Trends report shows the continued growth of mobile device trade-in programs, fuelling the secondary device market for those seeking a more affordable or eco-conscious alternative.

Key industry highlights from the Q3 2023 report include:

• The average age of devices turned in for trade-in and upgrade programs remains at just over 3.5 years.
• The top five traded devices were the iPhone 11, iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro.
• The iPhone 11 remained the top device traded for the sixth consecutive quarter, making up 32 percent of the top five traded devices. The top traded Samsung model was the Galaxy S21.
• For the first time, more than 50 percent of the top five traded devices were 5G capable.
• The overall value of device trade-ins fell slightly, but this is typical around the introduction of new device generations and in-keeping with 2022 Q3 trends.
• U.S. consumers received $999 million back through trade-in programs, a three percent increase from Q3 2022’s $970 million.

“We usually see the value of trade-ins dip slightly at this time of year, coinciding with the annual release of the new generation of Apple iPhones and Google Pixels. This year is no different, but the astonishing amount of money returned to U.S. consumers through trade-in programs – just shy of $1 billion – demonstrates continued momentum behind the global secondary device market,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant. “These renewed devices offer a more affordable and sustainable alternative to buying new. We are seeing 5G devices seriously enter the secondary device market, which will lower the point of entry for consumers looking to access next-generation mobile services and applications. And our recently launched Carbon IQ by Assurant also enables our clients to accurately track and report the Carbon Offset impact of their Trade-in programs,” added Nair.

The latest Assurant Mobile Trade-in and Upgrade Industry Trends report combines data from its Device IQ analytics platform and industry market data. The latest report is available to download here.

About Assurant

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 X (formerly Twitter) @Assurant.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231107670461/en/

Assurant Media:

Stacie Sherer

Vice President, Corporate Communications

917.420.0980

Stacie.Sherer@assurant.com

Source: Assurant

FAQ

What company released the report on mobile trade-in programs?

Assurant (NYSE:AIZ)

What was the total amount returned to U.S. consumers through mobile trade-in programs in the third quarter?

$999 million

What were the top five traded devices in the third quarter?

iPhone 11, iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro

What percentage of the top five traded devices were 5G capable?

More than 50%

What was the trend in the overall value of device trade-ins compared to the previous year?

The overall value of device trade-ins fell slightly, but this is typical around the introduction of new device generations and in-keeping with 2022 Q3 trends.