Cell phone prices are soaring, but trade-ins remain low, with 66% of consumers never considering, according to MCE Systems, a device lifecycle management firm.
The report says that over 550 million phones sit in drawers collecting dust, equating to $60 billion in missed revenue for both consumers and manufacturers. Here’s some highlights from the report:
o When purchasing a new phone, 66% of consumers did not consider trading in their old one
o 42% of US consumers have never traded in a phone and 25% of those “non-traders” didn’t even know there was an option to do so
o 70% of consumers got more money for their old phone than they were expecting.
