U.S. Mobile Trade-in Programs Returned Record-Breaking $3.8B to Consumers in 2022
Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed that $3.8 billion was returned to U.S. consumers through mobile device trade-in programs in 2022. This is nearly 25% higher than the amount returned in 2021, making it the highest year on record. 2022 also saw a record breaking Q4, with $1.28 billion handed back to the consumers.
"Q4 has always been the peak period for device trade-ins given new device launches and the holiday sale season. In 2022, the industry saw newer used smartphones, like the popular iPhone 11 or Galaxy 10, hold on to their value in the secondary market. This helped carriers, retailers, cable operators, and OEMs to continue offering attractive year-end trade-in and upgrade promotions to speed up upgrade cycles, making device trade-in an enticing option even for those who have not considered doing a trade-in. In addition to putting more money in people's pockets, the increased trade-in activity gave a new lease of life for more devices and kept them out of landfills, benefiting the environment. Industry analysts predict the growth of the secondary device will continue. The latest International Data Corporation (IDC) forecast predicts that nearly 415 million used smartphones will be shipped worldwide by 2026, largely fueled by trade-in," said Biju Nair, EVP & President, Global Connected Living & International at Assurant.
These findings are part of Assurant's 2022 Mobile Trade-in and Upgrade Industry Trends Report, which is seeing a continuous pace of growth in the secondary device market. The report combines 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 throughout 2022, the average trade-in value of smartphones, along with trade-in trends for Apple watches.
Key findings from the 2022 Mobile Trade-in and Upgrade Industry Trends Report are:
- iPhones were the top devices turned in through trade-in and upgrade programs in 2022, with iPhone 11 making up 37.65% of the top five devices turned in. This is followed closely by the iPhone XR, the iPhone 11 Pro Max, iPhone 8, and the iPhone 12.
- The Samsung Galaxy S9 was the top traded in Android device of 2022.
- The average age of devices traded in during 2022 was 3.39 years.
- The number of trades conducted online in 2022 increased 38% year-over-year compared to 2021.
Highlights from Q4 2022 include:
- The iPhone 11 remained the top device turned in through trade-in and upgrade programs for the third consecutive quarter. The device made up close to 40% of the top five devices turned in. This was closely followed by the iPhone XR at 22.07%.
- The iPhone 12 and the iPhone Pro Max are the newest 5G devices now occupying a spot in the top five devices turned in list.
- The Galaxy S9 remained the top Android device turned in since Q2 2020.
- The average age of devices traded in continued to dip across the board, down to 3.26 years in Q4 from 3.46 years in Q3 2022. The average age of iPhones traded in is now 3.37 years, while the average age of Android smartphones traded in is 2.94 years.
- For wearables, the Apple Watch Series 7 continued to have the highest trade-in value, closing out the quarter at an average of $119.23 this was followed by the Apple Watch Series 6 at $69.56.
The Assurant 2022 Annual Mobile Trade-in and Upgrade Industry Trends report is available for download here.
The Assurant Q4 2022 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world's leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products.
Learn more at assurant.com or on Twitter @AssurantNews.
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