In the first quarter of 2024, U.S. consumers returned $874 million through mobile device trade-in programs

Consumers are hanging on to devices longer than before, and the average age at replacement is at an all-time high

ATLANTA, May 30, 2024–(BUSINESS WIRE)–Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects consumers’ most important purchases, today revealed that its mobile commerce programs have contributed an estimated $874 to the pockets of U.S. consumers million dollars Q1 2024

The latest quarterly A report on industry trends in the replacement and modernization of mobile devices shows that the average age of devices at the time of replacement is at an all-time high of 3.64 years. iPhone 12 variants accounted for almost half of the top five devices placed through trade-in and upgrade programs over the last two quarters (39% and 42% retrospectively). Following their launch in October 2020, consumers upgrading these devices to newer models appear to be contributing to an increase in the average age of devices.

Using market data and the Device IQ analytics platform, the Assurant Mobile Trade-In and Upgrade Industry Trends report shows the most frequently returned smartphones through trade-in and upgrade programs, the average trade-in value of smartphones, and trade-in trends for Apple Watches.

The most important conclusions from the report for the first quarter of 2024 include:

Even though iPhone 11 was launched in 2019, it remains the most purchased mobile device for the eighth quarter in a row thanks to trade-in and upgrade programs and is the only 4G device in the top five.
The remaining top five devices, all 5G, are the iPhone 12, iPhone 12 Pro Max, iPhone 13 and iPhone 13 Max.
Samsung Galaxy S21 remained Samsung’s top device.
Consumers are holding on to their devices longer than before, with the average age of a device at handover being 3.64 years compared to 3.45 years in Q4 2023.
Overall, the average trade value of smartphones has declined over the past three months, from $147 in Q4 2023 to $110 in Q1 2024.
The average trade-in value for Apple’s newest smart watch, the Ultra 2, reached $317 in the first quarter.

“After a record amount of money was returned to consumers in the fourth quarter of last year, it is typical for the first quarter to see a decline in transaction volume following the peak shopping season,” said Rebekah Griffiths, vice president of product lifecycle solutions at Assurant. “As inflation contributes to rising costs of living around the world, interchange is an important tool for OEMs, carriers, retailers and MSOs to encourage consumers to upgrade their devices and take advantage of newer network capabilities. It also reduces the number of devices hidden in drawers or, worse, ending up in landfills.”

Assurant’s Q1 2024 Mobile Device Replacement and Upgrade Industry Trends Report is available for download Here.

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About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects the most important consumer purchases. Assurant, a Fortune 500 company with a presence in 21 countries, supports the development of a connected world by partnering with the world’s leading brands to develop innovative solutions and provide better customer experiences with mobile solutions, extended service contracts, vehicle protection services, renters insurance, insurance products offered by the lender and other specialized products.

Find out more at assurant.com.

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Media:
Lou Massy
Director, Connected Living Communications
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