U.S. Consumers Holding Onto their Mobile Devices Longer than Ever
20 August 2024 - 10:15PM
Business Wire
Device age at trade-in or upgrade hits all-time
high of 3.7 years
Samsung Galaxy S21 sees a significant increase
in YOY volume from trade-in and upgrade programs
Assurant, Inc. (NYSE: AIZ), a leading global business services
company that supports, protects, and connects major consumer
purchases, today revealed that the average age of a mobile device
turned in from trade-in or upgrade programs has reached an all-time
high of 3.7 years, based on Assurant and industry data. With the
average trade-in value per device increasing nearly 28%
quarter-over-quarter from $110.87 to $141.02, consumers received an
estimated $829M of value by trading in their devices in the second
quarter.
The latest findings are detailed in the Assurant Mobile Trade-In
and Upgrade Industry Trends Report, which shows the increasing
value of trade-in and upgrade programs for both consumers and
wireless providers.
Key industry highlights from the Q2 2024 report
include:
- The average trade-in value for consumers rose compared to the
first quarter of 2024, with Android devices seeing a notable 37%
increase and Apple devices experiencing a 20% rise.
- The number one device turned in from trade-in and upgrade
programs, and the only 4G model, was the iPhone 11, accounting for
31% of the top five models.
- For the fifth consecutive quarter, the number one Android
device turned in from trade-in and upgrade programs was the Samsung
Galaxy S21.
- The volume of Samsung Galaxy S21 from trade-in and upgrade
programs increased 20% in the first half of 2024, compared to the
first half of 2023.
- The average age of iPhones at turn-in increased from 3.6 years
in Q1 2024 to 3.8 years in Q2 2024, while the average age of
Android devices at turn-in decreased from 3.7 in the first quarter
to 3.5 years in the second quarter.
- In addition to the financial benefit for consumers, for every
device that is reused in lieu of a new device manufactured, there
is a positive impact on the environment. Using estimates from
Assurant Carbon IQ℠, an Assurant solution that provides insights on
the carbon impact of individual connected devices, approximately
385,000 metric tons of carbon emissions have been avoided because
of trade-in and upgrade programs in the second quarter.
"The notable year-over-year increase in the volume of Samsung’s
Galaxy S21 turned in from trade-in and upgrade programs in the
first half of the year was potentially driven by Samsung’s new
product launch in January,” said Biju Nair, EVP and president,
Global Connected Living & International at Assurant. “During
that launch, Samsung introduced Galaxy AI, one of the first and
most impactful consumer-facing AI innovations seen in mobile
devices since the advent of voice assistants. This suggests that
while consumers are holding onto their phones longer than ever,
those who are trading in may be motivated by innovative,
user-centric capabilities, powered by AI.”
Rebekah Griffiths, vice president of Product Management and
Strategy, added, “Given the strong consumer interest in AI
capabilities, we anticipate a supercycle of upgrades when Apple
launches their new devices that will support an embedded Apple
Intelligence expected later this year.”
The latest Assurant Mobile Trade-In and Upgrade Industry Trends
report combines data from Assurant’s proprietary Device IQ
analytics platform and industry market data to provide the latest
insights into market trends. The latest report is available to
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240820488696/en/
Media: Louis Masses Director, Connected Living
Communications louis.masses@assurant.com
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