More pre-owned smartphones
A recent report predicts that the used mobile phone market will increase at a compounding annual growth rate of 10.2%, and be valued at $143.8 billion by 2031.
Why is the market growing? Economics 101: There's a constant and steady increase in both supply and demand for used devices. This is primarily due to a shift in consumer awareness; more people are choosing to buy a pre-owned device instead of a new one. Subsequently, more businesses are enticed to enter the market. These suppliers buy and sell used devices to generate profit and satisfy consumer demand. As supply increases, the market becomes more competitive; which increases the quality of goods and service; and drives the price down - which increases demand further.
Why are more consumers opting for a second-hand device?
> Affordability versus a new device.
> They have the same functions and compatibility with software and apps as a new device.
> Warranties, certifications, and authenticities - things that make a company reputable and enable the consumer to buy with confidence.
> No contracts; freedom to change network or device.
> Improving residual values.
The average age of a smartphone at trade-in is 3.32 years. The useful life of these devices is at least double that. Increased growth in the used-device market should extend product life cycles; meaning greater lifetime value for consumers and reduced environmental impact from electronics products.
You can buy or sell you device with us in-store, or at talkbackcomms.com. We aim to find a good home for every device, and match every customer with the right device for them.
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