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US consumers earned a record $3 billion through smartphone trade-in and upgrade programs in 2021, representing a nearly $1 billion increase over the previous year, according to the 2021 Annual Trade-in and Upgrade Industry Trends report released by Assurant.
Key Findings From the Annual Trade-in Report
The data highlights a significant disparity between operating systems regarding secondary market value. While the average trade-in value for an Android device stood at $98, iPhones commanded an average of $199, effectively doubling the value of their counterparts.
Top Performing Devices
Apple dominated the list of most frequently traded-in hardware. The top five devices turned in by consumers were the iPhone XR, iPhone 11, iPhone 8, iPhone 8 Plus, and iPhone X. This trend contributed to a 220% increase in online trade-in activity specifically between the third and fourth quarters of 2021.
Record-Breaking Fourth Quarter Growth
The final quarter of the year served as the primary driver for these record figures. During Q4 2021, shoppers received a total of $1.1 billion, marking a 40% rise from Q3. The iPhone XR alone accounted for 33% of the top five devices processed during this period.
Device Lifecycle and Aging Trends
Data indicates a slight decrease in the average age of traded-in smartphones. In Q3 2021, the average iPhone was 3.39 years old at the time of trade-in; by Q4, this figure dropped to 3.36 years. Biju Nair, EVP and President of Global Connected Living at Assurant, noted that Q4 is traditionally strong due to new releases and holiday shopping.
“Remarkably, this past Q4 saw trade-ins and upgrades skyrocket—putting over $1 billion into US consumers’ pockets and contributed to a record-breaking year which is truly incredible and shows just how important trade-in and upgrade programs are to move consumers to 5G,” stated Nair.
The Strategic Role of 5G Migration
The surge in trade-in volume is closely linked to the consumer transition toward 5G-capable hardware. According to the GSA, there are currently over 1,200 5G-capable devices on the market, making the upgrade path more accessible for the average user.
Incentives and Omnichannel Convenience
Operators, OEMs, and retailers have implemented aggressive promotions to facilitate the 5G shift. Beyond financial incentives, logistics improvements such as “take home-trade later” capabilities allow consumers to purchase new devices in-store while completing the trade-in process from home at a later date.
“We also see more consumers making their trade-ins online, which undoubtedly is providing a boost to the overall trade-in metrics,” Nair added, emphasizing that these multi-channel options are successfully driving the record-breaking industry metrics observed throughout 2021.
