Despite decrease in smartphone sales owing to Coronavirus pandemic
Despite decrease in smartphone sales owing to Coronavirus pandemic, trade-in values increase
$225 million returned to U.S. consumers in Q2 2020; a 50% decrease compared to same quarter last year, however US consumers saw a 9% increase in the value of their older devices
4th August 2020 – HYLA Mobile, the world’s leading provider of software technology and services for mobile device returns management and reuse solutions, today revealed the delayed impact of the Coronavirus pandemic on U.S. trade-in programs. According to HYLA’s Q2 2020 trade-in trends research, $225 million ($225,693,362) was returned to U.S. consumers as part of trade-in programs — a 50% decrease from the same quarter last year. Although HYLA’s data typically shows a seasonal dip in Q2 from Q1 by about 15%, this year saw a 57% decrease.
While U.S. operators, OEMs and retailers have facilitated fewer trade-ins owing to store closures and shutdowns, their values have stayed strong. The average price of a smartphone at trade-in has increased by 9% from $102.25 in Q1, to $111.47 in Q2. Furthermore, the highest trade-in value for a device recorded during the second quarter was $580.58, while the highest trade-in value recorded in Q1 was $560.97.
“In Q1, as the virus spread across the world, the secondary device market maintained its high demand. But our data now reveals the significant impact the pandemic has had on the smartphone market,” said Biju Nair, President & CEO of HYLA. “Due to sustained demand for pre-owned devices, their value is rising. Operators, OEMs and retailers need these devices to service their insurance programs and emerging markets need more affordable, high-quality devices.”
HYLA releases data on mobile device trade-in trends in North America on a quarterly and annual basis. By combining live market data with data from its analytics platform, it reveals trends on the trade-in value of devices, the top traded smartphones, as well as the average age of smartphones at the point of trade-in.
Key findings from HYLA’s Q2 trade-in trends data include:
HYLA’s Q2 2020 trade-in trends infographic is available to download here: https://contacts.hylamobile.com/mobi...trends-q2-2020
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