784M Returned to US Consumers in Q1 2022 via Mobile Device Trade-In Programs
Continued year on year growth highlights the role mobile trade-ins and upgrade programs play in promoting a circular economy
NEW YORK--(BUSINESS WIRE)-- Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today announced findings from its Q1 2022 Mobile Trade-in and Upgrade Industry Trends report. Assurant’s data reveals that with higher trade-in volumes there was a 17% year over year increase in Q1 2022 for money returned to U.S. consumers through trade-in programs equating to $784 million. In addition to the monetary value, there is tremendous environmental value that trade-in and upgrade programs facilitate in keeping devices out of landfills and giving them a second life.
Using data from Assurant’s Device IQ analytics platform, as well as industry market data, the report provides insights into trade-in and upgrade trends in the North American market. The report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, the average age and value of smartphones at trade-in and upgrade, along with trade-in trends for Apple watches.
Key highlights from the report are:
The iPhone XR was the top turned in device for the fifth consecutive quarter and made up nearly 33% of the top five devices in the first quarter received from trade-in and upgrade programs. This is closely followed by the iPhone 11, which made up 31% of the top five.
The Galaxy S9 continued to remain the top Android turned in device for the seventh consecutive quarter.
Android devices have seen a significant increase in the average age of those turned in through trade-in and upgrade programs, rising from 2.97 years in Q4 2021 to 3.29 years in Q1 2022. In contrast, there hasn’t been a major shift in the average age of iPhones with a device age of 3.35 years in Q4 2021 comparing to 3.39 years in Q1 2022.
The average trade-in value for all devices dipped slightly in Q1 2022 to $123, compared to $136 in Q4 2021.
For wearables, the Apple Watch Series 7 had the highest trade-in value at $195, this was followed by the Apple Watch Series 6 at $148.
“A number of factors continue to prompt consumers to take advantage of trade-in and upgrade programs when purchasing their next device. There’s certainly the appeal of 5G devices and the enticing promotions being offered across the ecosystem, but also the growing collective consciousness towards our environment and the importance of extending the life of or recycling devices. Disposing of e-waste can be complex for many reasons and, by participating in these programs, consumers can feel confident they are doing their part towards preserving the environment,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant.
“Beyond putting 5G devices within reach for more consumers, trade-in programs also improve accessibility to affordable, smart devices through the secondary markets, as devices are given second, or at times, third lives. This plays a significant role in bridging global digital divides and promotes digital transformation around the world.”
The Assurant Q1 2021 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 300 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.