Smartphones are the highest selling piece of technology, with recent data showing that 96 percent of global consumers own a smartphone. In previous years, many users often upgraded or traded in their phones for newer models. However, a recent report shows that consumers are keeping their smartphones for longer than usual, with users keeping smartphones up to 3.5 years before turn-in. According to an Assurant report, this is the first time the average has risen above the 3.5 year mark.
Some may assume this change is in part due to better performance rates after Apple was sued in 2016 for slowing down the iPhone 6, 7 and SE. The company eventually claimed it was to preserve aging battery life, but millions of users were affected and Apple agreed to a $113 million settlement.
On the other hand, another explanation could be the recent rise in trade-in value, according to Assurant’s global connected living and international unit president, Biju Nair. “Global demand for pre-owned devices in the secondary market continues to grow, reflected by the rise in trade-in value,” he said.
In the first quarter of 2022, the average trade-in value jumped from $123 to $137 in the second with the Apple Watch Series 7 at the highest. The iPhone 11 was the most turned-in device in the second quarter of 2022, with the iPhone 11sl being 35 percent of the top five devices received from trade-in and upgrade programs. Coming in second was the iPhone XR, while the Galaxy S9 has consistently been the top Android turned in since the second quarter of 2020.
Purchasing used smartphones as an alternative to brand new devices helps reduce the need for new materials to be mined for the manufacturing process, and increases the value of retired, used devices. If you are thinking of retiring your smartphone, consider finding an ITAD company like HOBI with repair, refurbishment and remarketing options to help create used device channels and increase device value.
For more information about our ITAD services call 817-814-2620, or contact HOBI at email@example.com.