NEW YORK–(BUSINESS WIRE)–Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects consumers’ major purchases, today announced the findings of its report on mobile trade-in and upgrade industry trends for the first quarter of 2022. Assurant data reveals that with higher trade-in volumes, there was a 17% year-over-year increase. another in the first quarter of 2022 for money returned to U.S. consumers through take-back programs equivalent to $784 million. In addition to monetary value, there is tremendous environmental value that trade-in and upgrade programs facilitate by keeping devices out of landfills and giving them a second life.
Using data from Assurant’s Device IQ analytics platform, along with industry market data, the report provides insights into recovery and upgrade trends in the North American market. The report outlines the top smartphones surrendered under trade-in and upgrade programs during the quarter, the average age and value of smartphones during trade-in and upgrade, and trade-in trends Apple Watches.
Highlights of the report are:
The iPhone XR was the top-returned device for the fifth consecutive quarter and accounted for nearly 33% of the top five devices received in the first quarter through trade-in and upgrade programs. It is closely followed by the iPhone 11, which made up 31% of the top five.
The Galaxy S9 remained the top Android device rendered for the seventh consecutive quarter.
Android devices have seen a significant increase in the average age of those returned through trade-in and upgrade programs, from 2.97 years in Q4 2021 to 3.29 years in Q1 2022. In contrast, there was no major change in the average age of iPhones with the device aged 3.35 years in Q4 2021 compared to 3.39 years in Q1 2022.
The average trade-in value for all devices fell slightly in Q1 2022 to $123 from $136 in Q4 2021.
For wearables, the Apple Watch Series 7 had the highest trade-in value at $195, followed by the Apple Watch Series 6 at $148.
“A number of factors continue to drive consumers to take advantage of trade-in and upgrade programs when purchasing their next device. There is certainly the lure of 5G devices and the enticing promotions offered throughout the ecosystem, but also the growing collective awareness towards our environment and the importance of extending the lifespan or recycling devices. Disposing of e-waste can be complex for many reasons, and by participating in these programs, consumers can be sure they are doing their part to help the environment,” said Biju Nair, Executive Vice President and President , Global Connected Living & International at Assurant.
“In addition to bringing 5G devices within reach of more consumers, trade-in programs also improve accessibility to affordable smart devices in secondary markets, as devices receive a second, and sometimes even a third life. This plays an important role in bridging global digital divides and driving digital transformation worldwide. »
The Assurant Q1 2021 Mobile Recovery and Upgrade Industry Trend Report is available for download here.
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects consumers’ major purchases. A Fortune 300 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 deliver enhanced customer experiences through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender placed insurance products and other specialty products.
Learn more atassuring.com or on Twitter @AssurantNews.