Digital Media Net - Your Gateway To Digital media Creation. News and information on Digital Video, VR, Animation, Visual Effects, Mac Based media. Post Production, CAD, Sound and Music
The amount returned was an estimated $970M, making this the highest third quarter recorded
NEW YORK–(BUSINESS WIRE)–Assurant (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today revealed an approximated $970 million was returned to U.S. consumers in Q3 2022 through mobile device trade-in and upgrade programs. This is the highest third quartered recorded, and a 28% year-on-year increase.
These findings are part of Assurant’s quarterly Mobile Trade-in and Upgrade Industry Trends Report for Q3 2022, which reveals steady pace of growth in the secondary device market. The report uses 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 during the quarter, the average trade-in value of smartphones, along with trade-in trends for Apple watches.
“We typically see higher volumes for device trade-ins in Q3 and Q4 because of new device launches around this time of year, which prompts consumers to upgrade. Though average trade-in value was down, total dollars returned to consumers through trade-in programs increased significantly in Q3 as we saw more customers taking advantage of trade-in offers. The positive volumes are a testament to consumers’ reception to the various promotions carriers, OEMs, cable operators and retailers are offering to migrate customers to 5G compatible devices and premium service plans. Additionally, many consumers are dependent on these promotions for their new device purchases especially during times of economic uncertainty, like the current inflationary environment. Globally, our clients and their customers are paying increasing attention to sustainability initiatives and how trade-in and upgrade programs enable them to contribute towards those initiatives. To date, through these programs, there have been 16.5 million devices collected resulting in over 3,000 metric tons of potential e-waste diverted from landfills,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant.
Other highlights from the report are:
The Assurant Q3 2022 Mobile Trade-in and Upgrade Industry Trends report is available for 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 or on Twitter @AssurantNews.
Contacts
Press
Andy Mus
Director, External Communications
andy.mus@assurant.com
770-763-1694
NEW DELHI, Dec. 21, 2024 /PRNewswire/ -- Appy Pie Design, a leading No-code AI Design…
Montreal-based Thought Technology Ltd wraps up its 50th year in business providing psychophysiological instrumentation to…
RIYADH, Saudia Arabia, Dec. 20, 2024 /PRNewswire/ -- Impossible Creative debuted innovative immersive storytelling technology…
The Jim & Linda Lee Performing Arts Center, Northern Arizona’s premiere entertainment venue, has installed…
Perfect Corp. will showcase AI-powered solutions and discuss the future of personalized consumer experiences at…