NEW YORK–(BUSINESS WIRE)–Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect consumers’ key purchases, today revealed that 3, $1 billion was returned to US consumers in 2021 through mobile device trade-ins and upgrade programs. That’s nearly $1 billion more than the $2.1 billion returned in 2020, and even surpasses pre-pandemic levels of $2.4 billion in 2019, according to Assurant. 2021 Annual report on rework and upgrade industry trends.
Assurant also released a report revealing information specific to the fourth quarter of last year. According to the report, in Q4 2021, $1.1 billion was returned to US consumers through trade-in and upgrade programs, a 40% increase from $757 million in Q3 2021 and a 34% year-over-year increase. Additionally, there was a 220% increase in online repossessions from Q4 to Q3 2021 and a 42% increase from Q4 2020.
Assurant’s data highlights the important role trade-in and upgrade programs play in the transition to 5G. Consumer adoption of 5G depends on commercially available 5G devices, and according to a recent study by the Global Mobile Suppliers Association (GSA), more than 850 5G-capable models were commercially available by the end of 2021. Programs that make upgrading to these devices more attractive and affordable have a significant impact on the market.
Assurant Device Key Findings 2021 Annual Report on Industry Trends in Recovery and Upgrade include:
iPhones remained the top five devices returned through trade-in and upgrade programs in 2021. The most traded-in devices of the year were: iPhone XR, iPhone 11, iPhone 8, iPhone 8 Plus and iPhone X.
The Samsung Galaxy S9 was the best-selling Android device in 2021.
The average iPhone trade-in value in 2021 was $199, while the average Android smartphone trade-in value was $98. Overall, the average smartphone value during trade-in was $140, a 13% increase from $124 in 2020.
For the fourth quarter in particular, Assurant’s report reveals:
The iPhone XR was the top-selling device for the fourth consecutive quarter, and in the fourth quarter it accounted for 33% of the top five most-traded devices.
The average age of devices at trade-in decreased in the fourth quarter, a trend typically seen in this quarter. In Q3 2021, iPhones were 3.39 years old and Androids were 3.08 years old at the recovery; in Q4 2021, iPhones were trade-in 3.36 years old and Android devices were 2.96 years old.
There was a fourth quarter anomaly in the average trade-in value of devices, which saw an unusual drop of 10% from the third quarter of 2021. The average smartphone trade-in value in the fourth quarter was $136 , down from $150 in the third quarter.
For wearables, the Apple Watch Series 6 had the highest trade-in value at $183.68.
“The fourth quarter has traditionally been a strong quarter for trade-ins and upgrades thanks to new smartphone releases, sales periods like Black Friday and Cyber Monday, and holiday shopping. Remarkably , this past quarter saw trade-ins and upgrades skyrocket, putting more than $1 billion in the pockets of American consumers and contributing to a banner year that is truly incredible and shows just how much the programs of “Exchange and upgrade are important to bring consumers to 5G,” said Biju Nair, executive vice president and president, Global Connected Living at Assurant.
“Many carriers, OEMs, retailers and cable companies are running trade-in and upgrade promotions to encourage the move to 5G, and those incentives are clearly working. We are also seeing more consumers transacting online, which undoubtedly gives overall trade metrics a boost. And, for added trade-in convenience, we’ve enabled features like “take home trade-in later”, which allows consumers to purchase a device in-store and trade in their old devices from home more late,” Nair added.
Assurant’s report provides insight into trade-in and upgrade trends in North America. Using data from Assurant’s Device IQ analytics platform, as well as industry market data, the report identifies the top smartphones and wearables given back through trade-in programs and upgrades during the quarter, as well as the average age and trade-in value of devices. in and upgrade.
The Assurant Mobile Exchange and Upgrade Industry Trends Annual Report 2021 is available for download here.
The Assurant Q4 2021 Mobile Recovery and Upgrade Industry Trend Report is available for download here.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect consumers’ major purchases. Anticipating changing consumer needs, Assurant partners with the world’s leading brands to develop innovative products and services and deliver an enhanced customer experience. A Fortune 300 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; Tenant insurance; insurance products placed by the lender; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners who help protect the places where people live and can thrive, connect to local resources, inspire inclusion and prepare the leaders of tomorrow.
Learn more atassuring.com or on Twitter @AssurantNews.