$865 million returned to U.S. consumers through trade-in programs in Q1 2023
Average iPhone trade-in value reaches $200 for
the first time since 2021
Assurant (NYSE:AIZ), a leading global business services company
that supports, protects and connects major consumer purchases,
today revealed that $865 million was returned to U.S. consumers
through trade-in programs during the first quarter of this year.
The average trade-in value for iPhones also surpassed $200 for the
first time since Q3 2021.
These findings are taken from Assurant’s latest Mobile Trade-in
and Upgrade Industry Trends report, which tracks the continued
growth of mobile device trade-in and upgrade programs.
Key highlights from the Q1 2023 report include:
- The average trade-in value of an iPhone in Q1 was $201. This is
the first time the average trade-in value of an iPhone has reached
the $200 mark since Q3 2021, where the trade-in value was
- The top five traded devices during the quarter were the iPhone
11, iPhone XR, iPhone 12, iPhone 11 Pro Max and iPhone 12 Pro
- The iPhone 11 remains the top traded device for four
consecutive quarters and made up 38% of the top five traded
- 5G smartphones, namely the iPhone 12 and iPhone 12 Pro Max,
made up 29% of the top five traded devices.
- The Pixel 6 Pro was the top traded Android device for a second
- The average age of smartphones traded-in was 3.35 years,
slightly older than 3.26 years in Q4 2022.
- Q1 of 2023 saw a 41% year-on-year growth in online
- For wearables, the Apple Watch Series 7 commanded the highest
average trade-in value at $89.04, a 22% value decrease from Q4
According to International Data Corporation, the market
experienced a 14.6% YoY decline in global smartphone shipments this
past quarter. Samsung shipped the most smartphones during this same
period with 60.5 million devices.
“An increase in trade-in values shows how smartphones are
retaining their value, meaning carriers, retailers, cable
operators, and OEMs can offer more appealing trade-in and upgrade
deals to consumers—increasing their subscriber base and making it a
win-win-win for all. These industry players get to boost sales and
maintain customer loyalty, consumers get money in their pockets,
something which is very much needed in today’s challenging economy,
and devices stay out of landfills and get to live a second life,”
said Biju Nair, EVP & President, Global
Connected Living & International at Assurant.
Assurant’s Mobile Trade-in and Upgrade Industry Trends report
combines data from its 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, the
average trade-in value of smartphones, along with trade-in trends
for Apple watches for the quarter.
The full report is available to download here.
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 products.
Learn more at assurant.com or on Twitter @AssurantNews.
All marks are the property of their respective owners. All marks
used are for identification purposes only. Use of these marks does
not imply endorsement.
version on businesswire.com: https://www.businesswire.com/news/home/20230530005050/en/
Press contact Andy Mus Director, External Communications
Historical Stock Chart
Von Aug 2023 bis Sep 2023
Historical Stock Chart
Von Sep 2022 bis Sep 2023