Assurant reported that mobile device trade-in programs returned $1.09 billion to consumers in Q3 2024, marking the first-ever third-quarter to exceed $1 billion in returns.  This achievement highlight the growing popularity of trade-in programs and the secondary device market. Historically, the peak of the trade-in cycle occurs in the fourth quarter, making this accomplishment particularly noteworthy.

The Assurant Q3 2024 Mobile Trade-In and Upgrade Industry Trends Report reveals that 5G devices have become the most frequently traded-in models for both Android and Apple. This shift underscores the increasing adoption of 5G technology and its impact on the trade-in market. The report also notes that the iPhone 13 has overtaken previous models as the most traded-in device, while the Samsung Galaxy S22 Ultra 5G has become the leading traded-in Android device.

In addition to these trends, the report highlights a decrease in the average age of devices being traded in, indicating that consumers are upgrading their devices more frequently. This trend supports the principles of sustainability and the circular economy by promoting the reuse and recycling of electronic devices. Assurant’s efforts in facilitating these trade-ins contribute to reducing electronic waste and supporting sustainable development.

Biju Nair, EVP and President, Global Connected Living & International at Assurant, highlighted that while the total value returned to consumers typically surpasses $1 billion in the fourth quarter, this is the first time it has been achieved in the third quarter. This milestone underscores the widespread adoption of 5G technology and the robust secondary device market. With the advent of new devices featuring AI capabilities, consumers are increasingly trading in newer, 5G-enabled devices, which offer higher value and enhance the availability of faster connectivity for secondary device users. Assurant is proud to play a crucial role in expanding global access to 5G and bridging the digital divide through its mobile trade-in and upgrade programs, all while promoting sustainability and circularity.