Consumers holding onto devices for longer than before with average age at trade-in hitting an all-time high
Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed that mobile trade-in programs put an estimated $874 million into U.S. consumers’ pockets in Q1 2024.
The latest quarterly Mobile Trade-In and Upgrade Industry Trends Report shows that the average age of devices at the point of trade-in is at an all-time high at 3.64 years. Variations of the iPhone 12 made up almost half of the top five devices turned in via trade-in and upgrade programs for the last two quarters (39% and 42% retrospectively). Having launched in October 2020, consumers upgrading these devices to newer models is seemingly contributing to the average age of devices.
Using market data, alongside its Device IQ analytics platform, the Assurant Mobile Trade-In and Upgrade Industry Trends report outlines the top smartphones returned through trade-in and upgrade programs, the average trade-in value of smartphones, and trade-in trends for Apple Watches.
Key findings from the Q1 2024 report include:
- Despite being launched in 2019, the iPhone 11 remains the top turned in mobile device through trade-in and upgrade programs for the eighth quarter in a row and is the only 4G device of the top five.
- The remaining top five devices, all 5G, are the iPhone 12, iPhone 12 Pro Max, iPhone 13, and iPhone 13 Max.
- The Samsung Galaxy S21 remained the top turned in Samsung device.
- Consumers are holding on to their devices longer than before, where the average age of device at turn in was 3.64 years, compared to 3.45 years in Q4 2023.
- Overall, the average trade-in value of smartphones has decreased in the last three months, falling from $147 in Q4 2023 down to $110 in Q1 2024.
- Average trade-in value on the latest Apple smart watch, Ultra 2, reached $317 in the first quarter.
“After a record high of money returned to consumers in Q4 of last year, it’s typical for Q1 to see a dip in trade-ins following the peak shopping season,” said Rebekah Griffiths, vice president, Product – Device Lifecycle Solutions at Assurant. “With inflation contributing to rising cost of living globally, trade-in is an important tool for OEMs, operators, retailers, and MSOs to encourage consumers to upgrade their devices and take advantage of newer network capabilities. It also reduces the number of devices being stashed away in drawers or, worse, ending up in landfills.”
The Assurant Q1 2024 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
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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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Contacts
Media:
Lou Masses
Director, Connected Living Communications
louis.masses@assurant.com
