Assurant — a global business services company “that supports, protects and connects major consumer purchases” — has revealed that US$3.8 billion was returned to U.S. consumers through mobile device trade-in programs in 2022.
This is nearly 25% higher than the amount returned in 2021, making it the highest year on record. 2022 also saw a record breaking Q4, with $1.28 billion handed back to the consumers.
These findings are part of Assurant’s 2022 Mobile Trade-in and Upgrade Industry Trends Report. Key findings from the report are:
- iPhones were the top devices turned in through trade-in and upgrade programs in 2022, with iPhone 11 making up 37.65% of the top five devices turned in. This is followed closely by the iPhone XR, the iPhone 11 Pro Max, iPhone 8, and the iPhone 12.
- The Samsung Galaxy S9 was the top traded in Android device of 2022.
- The average age of devices traded in during 2022 was 3.39 years.
- The number of trades conducted online in 2022 increased 38% year-over-year compared to 2021.
Highlights from the fourth quarter of 2022 include:
- The iPhone 11 remained the top device turned in through trade-in and upgrade programs for the third consecutive quarter. The device made up close to 40% of the top five devices turned in. This was closely followed by the iPhone XR at 22.07%.
- The iPhone 12 and the iPhone Pro Max are the newest 5G devices now occupying a spot in the top five devices turned in list.
- The Galaxy S9 remained the top Android device turned in since Q2 2020.
- The average age of devices traded in continued to dip across the board, down to 3.26 years in Q4 from 3.46 years in Q3 2022. The average age of iPhones traded in is now 3.37 years, while the average age of Android smartphones traded in is 2.94 years.
- For wearables, the Apple Watch Series 7 continued to have the highest trade-in value, closing out the quarter at an average of $119.23 this was followed by the Apple Watch Series 6 at $69.56.
The Assurant 2022 Annual Mobile Trade-in and Upgrade Industry Trends report is available for download here. The Assurant Q4 2022 Mobile Trade-in and Upgrade Industry Trends report is available to download here.
Article provided with permission from AppleWorld.Today