U.S. consumers paid $865 million for trade-in services in the first quarter of 2023

News on May 31, according to the latest report released by business services company Assurant, the total payment volume for trade-in services among U.S. consumers in the first quarter of 2023 reached US$865 million (approximately 6.124 billion yuan). The average iPhone trade-in value reached over $200 for the first time since the third quarter of 2021, marking an important milestone.

As far as the editor understands, the report also lists some key information in detail. In the first quarter of 2023, the average iPhone trade-in price reached $201, the first breakthrough since the third quarter of 2021. The previous record was $207. iPhone 11. iPhone XR, iPhone 12, iPhone 11 Pro Max and iPhone 12 Pro The Max was among the top five most traded devices during the quarter. Among them, iPhone 11 has been the most traded device for four consecutive quarters, accounting for 38% of the top five traded devices. And the iPhone that supports 5G 12 and iPhone 12 Pro Max, accounting for 29% of the top five traded devices. In addition, Pixel 6 For the second consecutive quarter, the Pro became the Android model with the largest trade-in volume.

According to the report, the average age of replacing a new smartphone is 3.35 years, which is slightly higher than the average age of 3.26 years in the fourth quarter of 2022. Meanwhile, online trade-in services grew 41% year-over-year in the first quarter of 2023.

Regarding wearable devices, Apple Watch Series 7 has the highest average trade-in value, reaching $89.04, but this is a 22% decrease from the fourth quarter of 2022.

Overall, this report demonstrates the continued growth of trade-in services in the U.S. market and demonstrates strong consumer demand for new generation iPhone models and devices supporting 5G technology. In addition, the market for wearable devices has also shown certain fluctuations, especially Apple’s Watch Series 7 trade-in value drops.

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