U.S. Mobile Trade-In Programs Saw a 28% Year-on-Year Growth of Money Returned to Consumers in Q3
The amount returned was an estimated $970M,
making this the highest third quarter recorded
Assurant (NYSE:AIZ), a leading global business services company
that supports, protects and connects major consumer purchases,
today revealed an approximated $970 million was returned to U.S.
consumers in Q3 2022 through mobile device trade-in and upgrade
programs. This is the highest third quartered recorded, and a 28%
This press release features multimedia. View
the full release here:
U.S. mobile device trade-in programs
returned an estimated $970 million to consumers in Q3 2022.
(Graphic: Business Wire)
These findings are part of Assurant’s quarterly Mobile Trade-in
and Upgrade Industry Trends Report for Q3 2022, which reveals
steady pace of growth in the secondary device market. The report
uses 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 during
the quarter, the average trade-in value of smartphones, along with
trade-in trends for Apple watches.
“We typically see higher volumes for device trade-ins in Q3 and
Q4 because of new device launches around this time of year, which
prompts consumers to upgrade. Though average trade-in value was
down, total dollars returned to consumers through trade-in programs
increased significantly in Q3 as we saw more customers taking
advantage of trade-in offers. The positive volumes are a testament
to consumers’ reception to the various promotions carriers, OEMs,
cable operators and retailers are offering to migrate customers to
5G compatible devices and premium service plans. Additionally, many
consumers are dependent on these promotions for their new device
purchases especially during times of economic uncertainty, like the
current inflationary environment. Globally, our clients and their
customers are paying increasing attention to sustainability
initiatives and how trade-in and upgrade programs enable them to
contribute towards those initiatives. To date, through these
programs, there have been 16.5 million devices collected resulting
in over 3,000 metric tons of potential e-waste diverted from
landfills,” said Biju Nair, EVP & President, Global
Connected Living & International at Assurant.
Other highlights from the report are:
- For the second quarter in a row, the iPhone 11 was the top
device received through trade-in and upgrade programs. The device
made up 38% of the top five devices turned in. This was closely
followed by the iPhone XR, which was the top device throughout
- The iPhone 12 is the first 5G smartphone to make it onto the
top five devices turned in list.
- The Galaxy S9 remained the top Android device turned in as it
has since Q2 2020.
- The average age of devices traded in has dipped slightly across
the board, down to 3.46 years compared to 3.5 years in the last
quarter. The average age of iPhones traded in is now 3.41 years,
while the average age of Android smartphones traded in is 3.56
- The average trade-in value for devices was $111, down $26 from
the previous quarter.
- The number of trades conducted online in Q3 saw an 86%
year-over-year increase compared to the same quarter last year.
Since the pandemic, more consumers are shifting their trade-in
activity from in-store to online.
- For wearables, the Apple Watch Series 7 continued to have the
highest trade-in value at $171, this was followed by the Apple
Watch Series 6 at $109.
The Assurant Q3 2022 Mobile Trade-in and Upgrade Industry Trends
report is available for 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 or on Twitter @AssurantNews.
version on businesswire.com: https://www.businesswire.com/news/home/20221115005310/en/
Press Andy Mus Director, External Communications
Historical Stock Chart
Von Dez 2022 bis Jan 2023
Historical Stock Chart
Von Jan 2022 bis Jan 2023