Get Cash Back and $0 Commissions
+ The Power of TradeStation
Business Wire 15-Aug-2023 8:30 AM
Average trade-in value for smartphones reached $135
Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed that the average trade-in value of smartphones reached $135 during Q2 of this year. iPhones reached their highest recorded value of $215 during the same timeframe. Assurant's data highlights the continued rise in value of pre-owned devices—in Q1 of this year, it reported that the average trade-in value of iPhones surpassed the $200-mark for the first time since Q3 2021.
Assurant's latest quarterly Mobile Trade-in and Upgrade Industry Trends report provides insights into the mobile device trade-in and upgrade trends in North America. The report outlines the top smartphones turned in during the quarter, the average age of devices at trade-in, as well as data on online trade-ins and wearable trade-ins.
Highlights from the Q2 2023 report include:
"With the economic challenges affecting the mobile device market, new smartphone shipments have declined resulting in a decrease of pre-owned smartphone inventory. Simultaneously, many consumers are now taking more interest in purchasing refurbished smartphones—whether that's to make devices more affordable, or as a greener alternative to buying new," said Biju Nair, EVP & President, Global Connected Living & International at Assurant. "As demand for these devices rises, carriers, retailers, cable operators, and OEMs will be looking for ways to increase their used device inventories—and as such, we are seeing this reflected in the trade-in value. In fact, this is the fifth consecutive quarter where the trade-in values have risen. The secondary market continues to thrive, and trade-ins and upgrades will continue to be critical as these industry players overcome the macroeconomic hurdles they face, as a way to encourage sales, maintain customer loyalty, drive revenue and extend the life of pre-owned devices."
Assurant's Mobile Trade-in and Upgrade Industry Trends report combines data from its Device IQ analytics platform and industry market data. The latest 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 products.
All marks are the property of their respective owners. All marks used are for identification purposes only. Use of these marks does not imply endorsement.