Assurant, in its latest trends report, revealed that $999 million was returned to U.S. consumers through mobile trade-in programs in the third quarter of 2023 alone. The iPhone 11 still dominates as the top traded device - as it has for the last six quarters - but for the first time more than 50 percent of the top five traded models were 5G capable devices.
Key highlights from the report include:
- The average age of devices turned in for trade-in and upgrade programs remains at just over 3.5 years.
- The top five traded devices were the iPhone 11, iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro.
- The iPhone 11 remained the top device traded for the sixth consecutive quarter, making up 32 percent of the top five traded devices. The top traded Samsung model was the Galaxy S21.
- For the first time, more than 50 percent of the top five traded devices were 5G capable.
- The overall value of device trade-ins fell slightly, but this is typical around the introduction of new device generations and in-keeping with 2022 Q3 trends.
- U.S. consumers received $999 million back through trade-in programs, a three percent increase from Q3 2022’s $970 million.
Biju Nair, EVP & President, Global Connected Living & International, Assurant
We usually see the value of trade-ins dip slightly at this time of year, coinciding with the annual release of the new generation of Apple iPhones and Google Pixels. This year is no different, but the astonishing amount of money returned to U.S. consumers through trade-in programs - just shy of $1 billion - demonstrates continued momentum behind the global secondary device market. These renewed devices offer a more affordable and sustainable alternative to buying new. We are seeing 5G devices seriously enter the secondary device market, which will lower the point of entry for consumers looking to access next-generation mobile services and applications. And our recently launched Carbon IQ by Assurant also enables our clients to accurately track and report the Carbon Offset impact of their Trade-in programs.
