Assurant, Inc. —a provider of lifestyle and housing solutions that support, protect, and connect major consumer purchases —reports that a total of US$1.09 billion was returned to consumers who traded in their mobile devices in the third quarter of 2024 alone.
Historically, the fourth quarter is the peak of the trade-in cycle, when trade-in program returns to customers surpass the $1 billion mark in total returned value to consumers. This milestone, based on Assurant and industry data, represents a significant leap in value which highlights the growing popularity of trade-in programs and the secondary device market.
The latest insights are detailed in the Assurant Q3 2024 Mobile Trade-In and Upgrade Industry Trends Report. The report also showed the acceleration of consumers turning in 5G enabled devices. For the first time, 5G devices led the top devices traded in across both Android and iPhone models. Here are some of the report highlights:
- The iPhone 13 became the most turned in device from trade-in and upgrade programs this past quarter, surpassing the iPhone 11 and iPhone 12. The iPhone 11 held the top spot for nine consecutive quarters and the iPhone 12 held the number two position four consecutive quarters. The iPhone 13 accounted for 23.2% of the top five trade in devices.
- The Galaxy S22 Ultra 5G overtook the Galaxy S21 as the most traded in Android device. The S21 had held the top position for the past five quarters.
- While consumers generally are holding onto devices for longer year-over-year, the average age of devices turned in from trade-in and upgrade programs decreased for the first time in 2024. The iPhone saw a meaningful decline in average age, while Android devices are trending younger by an average of 4% each quarter in 2024. The average age of iPhone and Android trade-in devices at turn in is 3.69 and 3.38 years respectively.
