Assurant, Inc., a global business services company, has revealed that the average age of a mobile device turned in from trade-in or upgrade programs has reached an all-time high of 3.7 years, based on Assurant and industry data.
With the average trade-in value per device increasing nearly 28% quarter-over-quarter from US$110.87 to $141.02, consumers received an estimated $829 million of value by trading in their devices in the second quarter.
The latest findings are detailed in the Assurant Mobile Trade-In and Upgrade Industry Trends Report, which shows the increasing value of trade-in and upgrade programs for both consumers and wireless providers. Key industry highlights from the second quarter (Q2) 2024 report include:
- The average trade-in value for consumers rose compared to the first quarter of 2024, with Android devices seeing a notable 37% increase and Apple devices experiencing a 20% rise.
- The number one device turned in from trade-in and upgrade programs, and the only 4G model, was the iPhone 11, accounting for 31% of the top five models.
- For the fifth consecutive quarter, the number one Android device turned in from trade-in and upgrade programs was the Samsung Galaxy S21.
- The volume of Samsung Galaxy S21 from trade-in and upgrade programs increased 20% in the first half of 2024, compared to the first half of 2023.
- The average age of iPhones at turn-in increased from 3.6 years in Q1 2024 to 3.8 years in Q2 2024, while the average age of Android devices at turn-in decreased from 3.7 in the first quarter to 3.5 years in the second quarter.
In addition to the financial benefit for consumers, for every device that is reused in lieu of a new device manufactured, there is a positive impact on the environment. Using estimates from Assurant Carbon IQ, an Assurant solution that provides insights on the carbon impact of individual connected devices, approximately 385,000 metric tons of carbon emissions have been avoided because of trade-in and upgrade programs in the second quarter.
The latest Assurant Mobile Trade-In and Upgrade Industry Trends report combines data from Assurant’s proprietary Device IQ analytics platform and industry market data to provide the latest insights into market trends. The latest report is available to download here.
