08/15/2024 | Press release | Archived content
Device age at trade-in or upgrade hits all-time high of 3.7 years
Samsung Galaxy S21 sees a significant increase in YOY volume from trade-in and upgrade programs
ATLANTA - August 19, 2024 - Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects, and connects major consumer purchases, today revealed that the average age of a mobile device turned in from trade-in or upgrade programs has reached an all-time high of 3.7 years, based on Assurant and industry data. With the average trade-in value per device increasing nearly 28% quarter-over-quarter from $110.87 to $141.02, consumers received an estimated $829M of value by trading in their devices in the second quarter.
The latest findings are detailed in the Assurant Mobile Trade-In and Upgrade Industry Trends Report, which shows the increasing value of trade-in and upgrade programs for both consumers and wireless providers.
Key industry highlights from the Q2 2024 report include:
"The notable year-over-year increase in the volume of Samsung's Galaxy S21 turned in from trade-in and upgrade programs in the first half of the year was potentially driven by Samsung's new product launch in January," said Biju Nair, EVP and president, Global Connected Living & International at Assurant. "During that launch, Samsung introduced Galaxy AI, one of the first and most impactful consumer-facing AI innovations seen in mobile devices since the advent of voice assistants. This suggests that while consumers are holding onto their phones longer than ever, those who are trading in may be motivated by innovative, user-centric capabilities, powered by AI."
Rebekah Griffiths, vice president of Product Management and Strategy, added, "Given the strong consumer interest in AI capabilities, we anticipate a supercycle of upgrades when Apple launches their new devices that will support an embedded Apple Intelligence expected later this year."
The latest Assurant Mobile Trade-In and Upgrade Industry Trends report combines data from Assurant's proprietary Device IQ analytics platform and industry market data to provide the latest insights into market trends. The latest report is available to download here.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world's leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters' insurance, lender-placed insurance products and other specialty products.
Learn more at assurant.com.
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Media Contact:
Lou Masses
Director, Connected Living Communications
[email protected]