U.S. Mobile Trade-In Programs Saw a 28% Year-on-Year Growth of Money Returned to Consumers in Q3 - Business Wire

November 15, 2022 08:30 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Assurant (NYSE:AIZ), a starring planetary concern services institution that supports, protects and connects large user purchases, contiguous revealed an approximated $970 cardinal was returned to U.S. consumers successful Q3 2022 done mobile instrumentality trade-in and upgrade programs. This is the highest 3rd quartered recorded, and a 28% year-on-year increase.

These findings are portion of Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends Report for Q3 2022, which reveals dependable gait of maturation successful the secondary instrumentality market. The study uses 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 study outlines the apical 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.

“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. 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. Additionally, galore consumers are babelike connected these promotions for their caller instrumentality purchases particularly during times of economical uncertainty, similar the existent inflationary environment. Globally, our clients and their customers are paying expanding attraction to sustainability initiatives and however trade-in and upgrade programs alteration them to lend towards those initiatives. To date, done these programs, determination person been 16.5 cardinal devices collected resulting successful implicit 3,000 metric tons of imaginable e-waste diverted from landfills,” said Biju Nair, EVP & President, Global Connected Living & International astatine Assurant.

Other highlights from the study are:

• For the 2nd 4th successful a row, the iPhone 11 was the apical instrumentality received done trade-in and upgrade programs. The instrumentality made up 38% of the apical 5 devices turned in. This was intimately followed by the iPhone XR, which was the apical instrumentality passim 2021.
• The iPhone 12 is the archetypal 5G smartphone to marque it onto the apical 5 devices turned successful list.
• The Galaxy S9 remained the apical Android instrumentality turned successful arsenic it has since Q2 2020.
• 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.
• The mean trade-in worth for devices was $111, down $26 from the erstwhile quarter.
• The 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 are shifting their trade-in enactment from in-store to online. 
• 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 Assurant Q3 2022 Mobile Trade-in and Upgrade Industry Trends report is disposable for download here.

About Assurant
Assurant, Inc. (NYSE: AIZ) is simply a starring planetary concern services institution that supports, protects and connects large user purchases. A Fortune 500 institution with a beingness successful 21 countries, Assurant supports the advancement of the connected satellite by partnering with the world’s starring brands to make innovative solutions and to present an enhanced lawsuit acquisition done mobile instrumentality solutions, extended work contracts, conveyance extortion services, renters insurance, lender-placed security products and different specialty products.

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