Assurant, Inc. — a global business services company that “supports, protects and connects major consumer purchases” has announced findings from its Q1 2022 Mobile Trade-in and Upgrade Industry Trends report.
Assurant’s data reveals that with higher trade-in volumes there was a 17% year over year increase in quarter one (Q1) 2022 for money returned to U.S. consumers through trade-in programs equating to US$784 million. Key highlights from the report:
- 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 up 31% 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.
- The average trade-in value for all devices dipped slightly in Q1 2022 to $123, compared to $136 in Q4 2021.
- For wearables, the Apple Watch Series 7 had the highest trade-in value at $195, this was followed by the Apple Watch Series 6 at $148.
