Record High $4.3 Billion Returned to U.S. Consumers Through Mobile Trade-In Programs in 2023
February 15 2024 - 8:30AM
Business Wire
Unprecedented $1.6 billion returned to U.S.
consumers in Q4 2023
Assurant (NYSE:AIZ), a leading global business services company
that supports, protects and connects major consumer purchases,
today revealed that $4.3 billion was returned to U.S. consumers
through mobile device trade-in programs in 2023. This represents a
record industry-wide high as recorded by Assurant and is a 13%
increase over 2022. In Q4 specifically, $1.6 billion was returned
to consumers via trade-in programs – the highest on record for this
quarter.
These findings are part of the Assurant 2023 Mobile Trade-in
and Upgrade Industry Trends Report, which has tracked
continuous 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, the average trade-in value of smartphones, along with
trade-in trends for Apple watches.
Key findings from the 2023 Mobile Trade-in and Upgrade
Industry Trends report include:
- The iPhone 11 was once again the top device turned in through
trade-in and upgrade programs.
- Following the iPhone 11, the iPhone 12, iPhone 12 Pro Max,
iPhone XR, and iPhone 12 Pro were the most popular devices turned
in.
- Variations of the iPhone 12 made up more than half (51%) of the
top five devices turned in during the year.
- The Samsung Galaxy S21 was the top turned in Android device of
2023.
- The average age of devices at trade-in was 3.46 years.
- The number of trades conducted online in 2023 increased 10%
year-over-year compared to 2022.
Highlights from Q4 2023 include:
- Q4 2023 saw a total of $1.6 billion returned to U.S. consumers
— a 25% increase from Q4 2022.
- The iPhone 11 was the top device turned in through trade-in and
upgrade programs, making up almost 30% of the top five devices.
This was closely followed by the iPhone 12 at 23%.
- The iPhone 11 has been the top turned in device for the last
seven consecutive quarters.
- iPhone trade-in values were the highest on record in Q4 2023,
at $218, up from $186 in Q3 2023.
- In Q4, four of the top five turned in devices were 5G
enabled.
“2023 was a record-breaking year for device trade-ins,
highlighting the growing appetite for these programs for
increasingly cost- and eco-conscious consumers. With holiday sales
throughout Q4 and major retail events such as Black Friday driving
a demand for new devices, we saw a jump in engagement with trade-in
programs during this period,” said Biju Nair, President, Global
Connected Living & International, Assurant. “Looking ahead, we
expect to see the demand for trade-in and upgrade options
continuing to grow, but this can only be made possible through the
support of carriers, OEMs, retailers, and MSOs that offer
attractive trade-in promotions and upgrade programs. Cross-sector
collaboration is crucial to expand the secondary device market and
make current smartphones more accessible and sustainable.”
The Assurant 2023 Annual Mobile Trade-in and Upgrade Industry
Trends report is available for download here.
The Assurant Q4 2023 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215525873/en/
Assurant Media Contact: Stacie Sherer Vice President,
Corporate Communications 917.420.0980
Stacie.Sherer@assurant.com
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