Unprecedented $1.6 billion returned to U.S. consumers in Q4 2023
Assurant, a leading global business services company that supports, protects and connects major consumer purchases, today revealed that $4.3 billion was returned to U.S. consumers through mobile device trade-in programs in 2023. This represents a record industry-wide high as recorded by Assurant and is a 13% increase over 2022. In Q4 specifically, $1.6 billion was returned to consumers via trade-in programs – the highest on record for this quarter.
These findings are part of the Assurant 2023 Mobile Trade-in and Upgrade Industry Trends Report, which has tracked continuous growth in the secondary device market. The report combines data from Assurant’s Device IQ analytics platform, as well as industry market data, to provide insights into the device trade-in and upgrade trends in North America. The report outlines the top smartphones turned in through trade-in and upgrade programs, the average trade-in value of smartphones, along with trade-in trends for Apple watches.
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Key findings from the 2023 Mobile Trade-in and Upgrade Industry Trends report include:
- The iPhone 11 was once again the top device turned in through trade-in and upgrade programs.
- Following the iPhone 11, the iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro were the most popular devices turned in.
- Variations of the iPhone 12 made up more than half (51%) of the top five devices turned in during the year.
- The Samsung Galaxy S21 was the top turned in Android device of 2023.
- The average age of devices at trade-in was 3.46 years.
- The number of trades conducted online in 2023 increased 10% year-over-year compared to 2022.
Highlights from Q4 2023 include:
- Q4 2023 saw a total of $1.6 billion returned to U.S. consumers — a 25% increase from Q4 2022.
- The iPhone 11 was the top device turned in through trade-in and upgrade programs, making up almost 30% of the top five devices. This was closely followed by the iPhone 12 at 23%.
- The iPhone 11 has been the top turned in device for the last seven consecutive quarters.
- iPhone trade-in values were the highest on record in Q4 2023, at $218, up from $186 in Q3 2023.
- In Q4, four of the top five turned in devices were 5G enabled.
“2023 was a record-breaking year for device trade-ins, highlighting the growing appetite for these programs for increasingly cost- and eco-conscious consumers. With holiday sales throughout Q4 and major retail events such as Black Friday driving a demand for new devices, we saw a jump in engagement with trade-in programs during this period,” said Biju Nair, President, Global Connected Living & International, Assurant. “Looking ahead, we expect to see the demand for trade-in and upgrade options continuing to grow, but this can only be made possible through the support of carriers, OEMs, retailers, and MSOs that offer attractive trade-in promotions and upgrade programs. Cross-sector collaboration is crucial to expand the secondary device market and make current smartphones more accessible and sustainable.”
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