Assurant — a global business services company that supports, protects and connects major consumer purchases — has revealed an approximated $970 million was returned to U.S. consumers in the third quarter of 2022 through mobile device trade-in and upgrade programs.
This is the highest third quartered recorded, and a 28% year-on-year increase.These findings are part of Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends Report for quarter three, 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. Highlights from the report:
° 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.
° 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 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 the third quarter 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.
