A year ago as the major economies were closing down and sending people home to work and learn, there were major fears that the Covid-19 pandemic would have a huge impact on the global smartphone and secondary device markets, as well as retail shutdowns, but research from HYLA has revealed that money returned to US consumers via trade-ins fell by just 11% in 2020.
HYLA releases data on mobile device trade-in trends both on a quarterly and annual basis. By combining live market data with data from its analytics platform Device IQ, trends are identified on the trade-in value of devices, the top-traded smartphones and wearables, as well as the average age of smartphones at the point of trade-in.
The annual report of the secondary device market revealed that a total of $2.11bn was returned to US consumers in 2020 through mobile device trade-in programmes. The fourth quarter of the year, historically a strong quarter for mobile device upgrades and trade-ins, proved to be particularly resilient given market conditions.
The fourth-quarter trends report showed $786m was returned to US consumers via trade-ins – an increase of 38% over the third quarter ($569m).
In 2019, a more typical increase of