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 $207.
- The top five traded devices during the quarter were the iPhone 11, iPhone XR, iPhone 12, iPhone 11 Pro Max and iPhone 12 Pro Max.
- The iPhone 11 remains the top traded device for four consecutive quarters and made up 38% of the top five traded devices.
- 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 consecutive quarter.
- 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 trade-ins.
- For wearables, the Apple Watch Series 7 commanded the highest average trade-in value at $89.04, a 22% value decrease from Q4 2022.
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.
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 products.
Learn more at assurant.com or on Twitter @AssurantNews.
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