New 5G smartphone launches, combined with trade-in promotions, contribute to growth of mobile trade-in and upgrade programs
Assurant (NYSE:AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced findings from its analysis of the mobile device trade-in and upgrade market for Q3 2021. Its Q3 Mobile Trade-in and Upgrade Industry Trends report reveals that mobile trade-in programs returned $757 million to U.S. consumers, a 33% increase from both Q2 of this year, as well as from Q3 2020. Assurant's data shows the significant role mobile trade-in programs are having in supporting the upgrade to 5G.
Assurant's Q3 report provides insights into trade-in and upgrade trends in the North American market. Using data from Assurant's Device IQ analytics platform, as well as industry market data, the report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, as well as the average age and value of smartphones at trade-in and upgrade, and trade-in trends for Apple Watches.
"Q3 is typically a strong quarter for mobile trade-ins and upgrades," said Biju Nair, president, Global Connected Living at Assurant. "This quarter, the launch of the new iPhone 13 and new 5G smartphones from Samsung have played an important role in driving trade-ins-especially thanks to the strong trade-in promotions that have been tied to these device launches. Consumers are definitely responding to these popular trade-in promotions to upgrade to 5G devices."
These programs are good for carriers, retailers, OEMs and cable operators who also commercially benefit from pre-owned devices being given a second or third life, while contributing to their sustainability goals.
Nair added, "The growth in mobile trade-in programs in Q3 2021 remained healthy even though research from IDC revealed that North American new smartphone shipments were slightly down for the quarter."
Key findings from Assurant's Q3 Mobile Trade-in and Upgrade Industry Trends report include:
*iPhones continue to lead the top 5 devices turned in through trade-in and upgrade programs in Q3. The top five devices of the quarter were: iPhone XR, iPhone 8, iPhone 11, iPhone 8 Plus, iPhone X and iPhone 7.
*For the third consecutive quarter the iPhone XR was the top turned in device and, this quarter, it made up 30% of the top five traded devices.
*The Samsung Galaxy S9 was the top traded Android device of the quarter as it has been for the last five quarters.
*There has been very little movement in the average age of devices at trade-in for the last two quarters. iPhones were at 3.39 years and Androids were at 3.08 years in the third quarter. During second quarter they were at 3.38 and 3.09 years, respectively.
*The average trade-in price for devices has increased by 10%; with the average trade-in value for an Android device being $108, for an iPhone it was $207.
*Online trade-ins continue to grow in popularity having been accelerated by the pandemic; they have grown year-on-year by 187% and by 162% compared to Q2 2021.
*When it comes to wearables, the most recent Apple Watch, the Series 6, had the highest trade-in value at $215.
The Assurant Q3 Mobile Trade-in and Upgrade Industry Trends report is available to download here: https://contacts.hylamobile.com/mobile-trade-in-and-upgrade-industry-trends-q3-2021?hs_preview=BiRbqKjs-59621589932
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Learn more at assurant.com or on Twitter @AssurantNews.
Director, External Communications