Prior to the pandemic, upgrading electronic devices was almost routine. Annual upgrades ensured that consumers had the latest technology. Recent findings indicate that demand for new devices has slowed as more consumers are content with using the devices they already have for extended periods.
Insurance provider Assurant recently conducted a survey and found that 60 percent of respondents connected at least one new or replaced device to their Wi-Fi for the first time in 2022, a decrease from 2021.
The drop in demand is suspected to result from the pandemic’s aftermath, such as inflation and the global cost of living crisis. Sales of electronics increased dramatically during the pandemic due to remote working. Ast inflation continues to drive up the cost of living, more consumers are settling to keep their devices longer rather than purchase new ones each year.
In 2021, 54 percent of respondents surveyed said they were likely to upgrade their smartphones in the coming year. However, that number dropped to 39 percent by 2023. According to the report, “This suggests that the overall market is becoming saturated, with consumers content to use the devices they have, rather than constantly buying the latest innovations.”
Additionally, 35 percent of consumers said they were highly interested in buying a refurbished device, and 48 percent were open to paying a hypothetical fee that “would contribute to a greener and more responsible tech industry.”
“The practice of collecting used smartphones and refurbishing them so they can be resold is growing in popularity,” the report noted. “What began as a sustainability crusade has evolved into a vibrant and lucrative circular economy that benefits all of its stakeholders.”
Reusing electronics helps keep them out of landfills and extends the lifespan of the device. IT asset management and disposition enterprises like HOBI offer Mobile Lifecycle Management (MLM) for Mobility Managed Services (MMS) programs.
For more information about our ITAD services, call 817-814-2620 or contact HOBI at sales@hobi.com.