11/29/2021 | Press release | Distributed by Public on 11/29/2021 09:38
New 5G smartphone launches, combined with trade-in promotions, contribute to growth of mobile trade-in and upgrade programs.
1 November 2021-Assurant (NYSE:AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced findings from its analysis of the mobile device trade-in and upgrade market for Q3 2021. Its Q3 Mobile Trade-in and Upgrade Industry Trends report reveals that mobile trade-in programs returned $757 million to U.S. consumers, a 33% increase from both Q2 of this year, as well as from Q3 2020. Assurant's data shows the significant role mobile trade-in programs are having in supporting the upgrade to 5G.
Assurant's Q3 report, provides insights into trade-in and upgrade trends in the North American market. Using data from Assurant's Device IQ analytics platform, as well as industry market data, the report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, as well as the average age and value of smartphones at trade-in and upgrade, and trade-in trends for Apple Watches.
"Q3 is typically a strong quarter for mobile trade-ins and upgrades," said Biju Nair, president Global Connected Living at Assurant. "This quarter, the launch of the new iPhone 13 and new 5G smartphones from Samsung have played an important role in driving trade-ins-especially thanks to the strong trade-in promotions that have been tied to these device launches. Consumers are definitely responding to these popular trade-in promotions to upgrade to 5G devices."
These programs are good for carriers, retailers, OEMs and cable operators who also commercially benefit from pre-owned devices being given a second or third life, while contributing to their sustainability goals.
Nair added, "The growth in mobile trade-in programs in Q3 2021 remained healthy even though research from IDC revealed that North American new smartphone shipments were slightly down for the quarter."
Key findings from Assurant's Q3 Mobile Trade-in and Upgrade Industry Trends report include:
The Assurant Q3 Mobile Trade-in and Upgrade Industry Trends report is available to download here:
ENDS
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Learn more at assurant.com or on Twitter @AssurantNews.
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