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Continued year on year growth highlights the role mobile trade-ins and upgrade programs play in promoting a circular economy
NEW YORK–(BUSINESS WIRE)–Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today announced findings from its Q1 2022 Mobile Trade-in and Upgrade Industry Trends report. Assurant’s data reveals that with higher trade-in volumes there was a 17% year over year increase in Q1 2022 for money returned to U.S. consumers through trade-in programs equating to $784 million. In addition to the monetary value, there is tremendous environmental value that trade-in and upgrade programs facilitate in keeping devices out of landfills and giving them a second life.
Using data from Assurant’s Device IQ analytics platform, as well as industry market data, the report provides insights into trade-in and upgrade trends in the North American market. The report outlines the top smartphones turned in through trade-in and upgrade programs during the quarter, the average age and value of smartphones at trade-in and upgrade, along with trade-in trends for Apple watches.
Key highlights from the report are:
“A number of factors continue to prompt consumers to take advantage of trade-in and upgrade programs when purchasing their next device. There’s certainly the appeal of 5G devices and the enticing promotions being offered across the ecosystem, but also the growing collective consciousness towards our environment and the importance of extending the life of or recycling devices. Disposing of e-waste can be complex for many reasons and, by participating in these programs, consumers can feel confident they are doing their part towards preserving the environment,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant.
“Beyond putting 5G devices within reach for more consumers, trade-in programs also improve accessibility to affordable, smart devices through the secondary markets, as devices are given second, or at times, third lives. This plays a significant role in bridging global digital divides and promotes digital transformation around the world.”
The Assurant Q1 2021 Mobile Trade-in and Upgrade Industry Trends 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 300 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 or on Twitter @AssurantNews.
Contacts
Media Contact:
Andy Mus
Director, External Communications
andy.mus@assurant.com
770.763.1694
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