More than 150% year-over-year growth shows mobile device trade-in programs are back to pre-pandemic levels
Assurant, a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, announced findings from its analysis of the mobile device trade-in and upgrade market for Q2 2021. Its Q2 Mobile Trade-in and Upgrade Industry Trends report reveals that mobile trade-in programs in the U.S. returned $571 million to consumers, a 152% increase from Q2 2020 and a 25% increase over Q2 2019, reflecting a return to pre-pandemic levels.
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Assurant’s Q2 report, which provides insights into trade-in and upgrade trends in the North American market, outlines the top smartphones turned in, the average age and value of smartphones at trade-in and upgrade, as well as trade-in trends for Apple Watches from the quarter. The report is based on data from Assurant’s Device IQ analytics platform, as well as industry market data.
“New device sales continue to benefit from strong trade-in and upgrade programs,” said Biju Nair, President of Global Connected Living at Assurant. “And, with more consumers wanting the latest 5G devices, we expect to see these programs continue on an upward growth trajectory, as carriers, retailers, OEMs and cable operators continue to run promotions to encourage consumers to upgrade and make the move to 5G more affordable. Additionally, the value of secondary devices is not only holding but increasing even as the average device age grows.”
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The Q2 Mobile Trade-in and Upgrade Industry Trends report reveals:
- The top five devices received through trade-in and upgrade programs in Q2 were: iPhone XR, iPhone 8, iPhone 8 Plus, iPhone 11 and iPhone X. For the second quarter in a row, the iPhone XR was the most popular device turned in and made up 28% of the top five devices.
- Q2 was the first quarter the iPhone 11 has made the top five devices. The iPhone 11 was released less than two years ago, in September 2019.
- For the fourth quarter in a row, the Samsung Galaxy S9 was the most popular Android device received through trade-in and upgrade programs.
- This is the first quarter where the average age of an Android device reached over three years of age.
- The Apple Watch Series 6 had the highest trade-in value, at an average of $218, up $6 from Q1.
- Wearable trade-ins continue to grow. There was a 300% increase in trade-in volume Q2 2021 from Q2 2020.
- Online trade-ins were up 20% over the same quarter last year.
“Not surprisingly, last year during the pandemic we saw more than a threefold increase in online trade-ins when compared to the same period in the previous year,” said Nair. “Though more U.S. retail stores are open now, consumers are enjoying the freedom to not only buy their new device online but also complete their trade-in without going into a store. We expect consumers to continue to take advantage of the flexibility of options to conduct a trade-in whether it is online, in a store, or starting in one channel and completing in another.”
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