Nearly $1bn in mobile trade-ins and upgrades in third quarter of 2022 - ComputerWeekly.com

1 year ago 52

Just much than halfway into what is ever the market’s busiest quarter, quarterly investigation of smartphone trade-in and upgrade manufacture reveals a 3rd 4th of 2022 with the magnitude returned estimated astatine $970m, making this the highest 3rd 4th recorded

Joe O’Halloran

Joe O’Halloran, Computer Weekly

Published: 30 Nov 2022 11:45

Even arsenic the planetary smartphone nonstop income marketplace showed immoderate worrying signs regarding growth successful Q2, determination was beardown momentum for commercialized successful and upgrade programmes successful the US and the magnitude of wealth being enactment backmost into consumers’ hands done trade-in programmes has been recovered to person grown importantly quarter-on-quarter and year-on-year astatine the extremity of the 3rd 4th of 2022 according to a survey from planetary concern services institution Assurant.

Using information from Assurant’s Device IQ analytics platform, arsenic good arsenic manufacture marketplace data, to supply insights into the instrumentality trade-in and upgrade trends successful North America, the quarterly Mobile trade-in and upgrade manufacture trends report for Q3 2022, revealed a dependable gait of maturation successful the secondary instrumentality marketplace with astir $970m returned to US consumers successful Q3 2022 done mobile instrumentality trade-in and upgrade programs. Not lone was this the highest 3rd 4th recorded, it besides represented a 28% year-on-year increase.

The study outlined the starring smartphones turned successful done trade-in and upgrade programs during the quarter, the mean trade-in worth of smartphones, on with trade-in trends for Apple watches.

Among the cardinal highlights was that the mean trade-in worth for devices was $111, really down $26 from the erstwhile quarter. For the 2nd 4th successful a row, the iPhone 11 was the apical instrumentality received done trade-in and upgrade programme. The instrumentality made up 38% of the apical 5 devices turned in, intimately followed by the iPhone XR, which was the apical instrumentality passim 2021.

In an denotation of the maturity of the smartphone arena, the investigation highlighted the information that the iPhone 12 was the archetypal 5G smartphone to marque it onto the database of the apical 5 devices turned in. Looking astatine the Android telephone arena, the Galaxy S9 remained the starring instrumentality turned successful arsenic it has since the 2nd 4th of 2020.

For wearables, the Apple Watch Series 7 continued to person the highest trade-in worth astatine $171, this was followed by the Apple Watch Series 6 astatine $109.

The wide fig of trades conducted online successful Q3 saw an 86% year-over-year summation compared to the aforesaid 4th past year. Since the pandemic, much consumers were recovered to beryllium shifting their trade-in enactment from in-store to online.

The survey besides recovered that the mean property of devices traded successful has dipped somewhat crossed the board, down to 3.46 years compared to 3.5 years successful the past quarter. The mean property of iPhones traded successful is present 3.41 years, portion the mean property of Android smartphones traded successful is 3.56 years.

“We typically spot higher volumes for instrumentality trade-ins successful Q3 and Q4 due to the fact that of caller instrumentality launches astir this clip of year, which prompts consumers to upgrade,” said Biju Nair, EVP & president, planetary connected surviving & planetary astatine Assurant commenting connected the study.

“Though mean trade-in worth was down, full dollars returned to consumers done trade-in programs accrued importantly successful Q3 arsenic we saw much customers taking vantage of trade-in offers. The affirmative volumes are a testament to consumers’ reception to the assorted promotions carriers, OEMs, cablegram operators and retailers are offering to migrate customers to 5G compatible devices and premium work plans.”

Looking much broadly, the expert noted that galore consumers were becoming babelike connected promotions for their caller instrumentality purchases particularly during times of economical uncertainty, similar the existent inflationary environment.

Assurant added that globally, its clients and their customers were present paying expanding attraction to sustainability initiatives and however trade-in and upgrade programmes alteration them to lend towards those initiatives.

To date, Assurant recovered that done these programmes determination person been 16.5 cardinal devices collected resulting successful implicit 3,000 metric tons of imaginable e-waste diverted from landfills.