U.S. Mobile Trade-In Programs Saw a 28% Year-on-Year Growth of Money Returned to Consumers in Q3

Rhea-AI Summary

Assurant (NYSE:AIZ) reported a record $970 million returned to U.S. consumers in Q3 2022 through mobile device trade-in and upgrade programs, reflecting a 28% year-on-year increase. This marks the highest third quarter return recorded. The Mobile Trade-in and Upgrade Industry Trends Report highlights continued growth in the secondary device market, with notable trends such as the iPhone 11 being the top traded device. Despite a decrease in average trade-in value to $111, the number of trades conducted online rose significantly by 86% year-on-year.

Positive

• Q3 2022 saw a record $970 million returned to consumers, a 28% year-on-year increase.
• The number of online trades increased by 86% year-on-year.
• The iPhone 11 was the top device traded, representing 38% of the top five devices.
• The trade-in report indicates steady growth in the secondary device market.

Negative

• Average trade-in value decreased by $26 to $111.

The amount returned was an estimated $970M, making this the highest third quarter recorded

NEW YORK--(BUSINESS WIRE)-- Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed an approximated $970 million was returned to U.S. consumers in Q3 2022 through mobile device trade-in and upgrade programs. This is the highest third quartered recorded, and a 28% year-on-year increase.

U.S. mobile device trade-in programs returned an estimated $970 million to consumers in Q3 2022. (Graphic: Business Wire)

These findings are part of Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends Report for Q3 2022, which reveals steady pace of growth in the secondary device market. The report uses data from Assurant’s Device IQ analytics platform, as well as industry market data, to provide insights into the device trade-in and upgrade trends in North America. The report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, the average trade-in value of smartphones, along with trade-in trends for Apple watches.

“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. To date, 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,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant.

Other highlights from the report are:

• For the second quarter in a row, the iPhone 11 was the top device received through trade-in and upgrade programs. The device made up 38% of the top five devices turned in. This was closely followed by the iPhone XR, which was the top device throughout 2021.
• The iPhone 12 is the first 5G smartphone to make it onto the top five devices turned in list.
• The Galaxy S9 remained the top Android device turned in as it has since Q2 2020.
• The average age of devices traded in has dipped slightly across the board, down to 3.46 years compared to 3.5 years in the last quarter. The average age of iPhones traded in is now 3.41 years, while the average age of Android smartphones traded in is 3.56 years.
• The average trade-in value for devices was $111, down $26 from the previous quarter.
• The number of trades conducted online in Q3 saw an 86% year-over-year increase compared to the same quarter last year. Since the pandemic, more consumers are shifting their trade-in activity from in-store to online. 
• For wearables, the Apple Watch Series 7 continued to have the highest trade-in value at $171, this was followed by the Apple Watch Series 6 at $109.

The Assurant Q3 2022 Mobile Trade-in and Upgrade Industry Trends report is available for 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 Twitter @AssurantNews.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221115005310/en/

Press

Andy Mus

Director, External Communications

andy.mus@assurant.com

770-763-1694

Source: Assurant, Inc.

FAQ

What was the total amount returned to U.S. consumers by Assurant in Q3 2022?

Assurant returned an estimated $970 million to U.S. consumers in Q3 2022.

How much did Assurant's mobile device trade-in value increase in Q3 2022 compared to last year?

The mobile device trade-in value increased by 28% year-on-year in Q3 2022.

What is the average trade-in value for devices reported by Assurant in Q3 2022?

The average trade-in value for devices in Q3 2022 was $111, down from the previous quarter.

Which smartphone was the most traded-in device for Assurant in Q3 2022?

The iPhone 11 was the top device received through trade-in and upgrade programs in Q3 2022.

What percentage of the top traded devices did the iPhone 11 represent?

The iPhone 11 accounted for 38% of the top five devices turned in.