$874 Million Returned to U.S. Consumers Through Mobile Trade-In Programs in Q1 2024
Consumers holding onto devices for longer than before with average age at trade-in hitting an all-time high
The latest quarterly Mobile Trade-In and Upgrade Industry Trends Reportshows 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
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.
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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
The Assurant Q1 2024 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
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Media:
Lou Masses
Director,
louis.masses@assurant.com
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