U.S. Consumers Holding Onto their Mobile Devices Longer than Ever

Business Wire 20-Aug-2024 4:15 PM

Device age at trade-in or upgrade hits all-time high of 3.7 years

Samsung Galaxy S21 sees a significant increase in YOY volume from trade-in and upgrade programs

Assurant, Inc. (NYSE:AIZ), a leading global business services company that supports, protects, and connects major consumer purchases, today 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 $110.87 to $141.02, consumers received an estimated $829M 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 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 notable year-over-year increase in the volume of Samsung's Galaxy S21 turned in from trade-in and upgrade programs in the first half of the year was potentially driven by Samsung's new product launch in January," said Biju Nair, EVP and president, Global Connected Living & International at Assurant. "During that launch, Samsung introduced Galaxy AI, one of the first and most impactful consumer-facing AI innovations seen in mobile devices since the advent of voice assistants. This suggests that while consumers are holding onto their phones longer than ever, those who are trading in may be motivated by innovative, user-centric capabilities, powered by AI."

Rebekah Griffiths, vice president of Product Management and Strategy, added, "Given the strong consumer interest in AI capabilities, we anticipate a supercycle of upgrades when Apple launches their new devices that will support an embedded Apple Intelligence expected later this year."

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.

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.

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