Record High $4.3 Billion Returned to U.S. Consumers Through Mobile Trade-In Programs in 2023

Core Insights - Assurant reported a record $4.3 billion returned to U.S. consumers through mobile device trade-in programs in 2023, marking a 13% increase from 2022 [1] - In Q4 2023, $1.6 billion was returned to consumers via trade-in programs, representing a 25% increase from Q4 2022 [4] Industry Trends - The Assurant 2023 Mobile Trade-in and Upgrade Industry Trends Report indicates continuous growth in the secondary device market, combining data from Assurant's Device IQ analytics platform and industry market data [2] - The report highlights the top smartphones turned in, average trade-in values, and trends for Apple watches [2] Device Popularity - The iPhone 11 was the most turned-in device, followed by the iPhone 12, iPhone 12 Pro Max, iPhone XR, and iPhone 12 Pro, with variations of the iPhone 12 making up 51% of the top five devices [3] - The Samsung Galaxy S21 was the leading Android device turned in during 2023 [3] Trade-in Values and Trends - The average age of devices at trade-in was 3.46 years, with a 10% year-over-year increase in online trades compared to 2022 [3] - In Q4 2023, iPhone trade-in values reached a record high of $218, up from $186 in Q3 2023 [4] Future Outlook - The company anticipates continued growth in demand for trade-in and upgrade options, emphasizing the importance of collaboration among carriers, OEMs, retailers, and MSOs to enhance trade-in promotions and expand the secondary device market [5]