New data from HYLA Mobile, the world’s leading provider of software technology and services for mobile device trade-in and reuse solutions, reveals the continued growth of trade-in programs in the US. Findings from its latest quarterly trade-in trends report show that in the first quarter of this year, $527 million was returned to US consumers via trade-in programs – an increase of 10% from Q1 of 2018. HYLA’s data also reveals the trend for holding onto devices continues into 2019…
New data from HYLA Mobile, the world’s leading provider of software technology and services for mobile device trade-in and reuse solutions, reveals the continued growth of trade-in programs in the US. Findings from its latest quarterly trade-in trends report show that in the first quarter of this year, $527 million was returned to US consumers via trade-in programs – an increase of 10% from Q1 of 2018. HYLA’s data also reveals the trend for holding onto devices continues into 2019, with the average age of iPhones at trade-in in Q1 breaking the three-year mark.
HYLA’s quarterly reports provide a benchmark for mobile device trade-ins in the US market. By combining live market data with information from HYLA’s own analytics solutions, it is able to give a unique perspective into trade-ins, including the most popular devices at trade-in, average trade-in values and device ages.
Key findings from its Q1 report include:
• The top traded device in Q1 was the iPhone 7, knocking the family of iPhone 6 devices from the top position. The iPhone 6 had been the top traded device for nine quarters straight, from Q3 2016 to Q3 2018, only to be replaced by the iPhone 6s in Q4 2018.
• The top five devices traded-in in Q1 were all iPhones: the iPhone 7, iPhone 6s, iPhone 6, iPhone 7 Plus and iPhone 6s Plus. The Samsung Galaxy S7 followed as the sixth top traded device.
• The average age of a smartphone at trade-in was 2.94 years. The average age of an iPhone at trade-in was 3.03 years, while the average age of an Android device was 2.76 years.
• The iPhone 7 and Galaxy S8 Duos both lost the most value in Q1, but only depreciated by 14%. In monetary terms, this equated to just $21.
• The average price offered for a smartphone at trade-in was $110.88; the average price for an iPhone at trade-in was $173.63, while the average price of an Android device was $68.29.
“Each quarter our data reveals that trade-in programs are on the rise, and it’s great to see that increasingly operators, retailers and OEMs are offering them, and consumers are taking advantage of these initiatives,” said Biju Nair, President and CEO of HYLA Mobile. “Our data also shows that devices are retaining their value, which is great news for consumers and operators. Not only does this mean consumers can still get a good deal on their old devices, but operators can also maximize this latent value, whether that’s through repurposing devices for their own commercial use, or for sales in emerging markets. Despite a faltering global smartphone market, the pre-owned device market continues to thrive, and we support the benefits its continued growth is having on all parties.”
“It’s also interesting to see that trade-in programs are growing despite some consumers holding onto devices for over three years,” added Nair. “So, while trade-in programs are growing in popularity, this does show that all participants in the handset ecosystem can be doing more to promote and advocate the use of trade-in programs. With 5G on the horizon, everyone needs to be doing more to educate consumers about these initiatives that can put new devices into their hands, and cash into their pockets.”
HYLA has completed more than 53 million mobile device trade-ins since its inception in 2009, and works with operators, OEMS, retailers and insurance companies to deliver mobile device trade-in programs that reduce churn, increase revenue streams and deliver cost savings while benefiting the environment. It does this through a combination of data analytics and automation software, focused on maximizing recovery value from pre-owned devices.
HYLA’s Q1 2019 trade-in trends infographic is available for download here: http://contacts.hylamobile.com/mobile-trade-in-industry-trends-q1-2019
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