Assurant , a global business services company, reports that revealed that US$4.3 billion was returned to U.S. consumers through mobile device trade-in programs in 2023.
The $4.3 billion is a record industry-wide high as recorded by Assurant and is a 13% increase over 2022. In quarter four (Q4) specifically, $1.6 billion was returned to consumers via trade-in programs – the highest on record for this quarter.
Key findings from the “Assurant 2023 Mobile Trade-in and Upgrade Industry Trends” report include:
- The iPhone 11 was once again the top device turned in through trade-in and upgrade programs.
- Following the iPhone 11, the iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro were the most popular devices turned in.
- Variations of the iPhone 12 made up more than half (51%) of the top five devices turned in during the year.
- The Samsung Galaxy S21 was the top turned in Android device of 2023.
- The average age of devices at trade-in was 3.46 years.
- The number of trades conducted online in 2023 increased 10% year-over-year compared to 2022.
Highlights from Q4 2023 include:
- Q4 2023 saw a total of $1.6 billion returned to U.S. consumers — a 25% increase from Q4 2022.
- The iPhone 11 was the top device turned in through trade-in and upgrade programs, making up almost 30% of the top five devices. This was closely followed by the iPhone 12 at 23%.
- The iPhone 11 has been the top turned in device for the last seven consecutive quarters.
- iPhone trade-in values were the highest on record in Q4 2023, at $218, up from $186 in Q3 2023.
- In Q4, four of the top five turned in devices were 5G enabled.
