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When it comes to new technology, costs are often the greatest source of fear of today’s consumers. In an era of economic volatility and uncertainty, the possibility to buy new technology, such as a laptopsmartphone, or tabletcan strongly depend on external factors such as inflation and reliability of the supply chain, which play an important role in cost and consumer spending power.
According to insurance data, 44% of the technical users surveyed expressed concern about the costs of new technology, while 27% say that the costs of newly announced devices or upgrades are an important obstacle to buy. Furthermore, almost half (49%) of the technical users said that they are interested in upgrades, but hesitate or remember because of the costs. In general, costs are consistently the most negatively observed factor in the approval of new technology.
President of our covenant living, insurance.
Despite these feelings, smartphone And related technology are an increasingly essential part of business, academic and personal daily life. For most, access to connected technology is not negotiable and with the rise of functions that create more intuitive user experiences, the possibility of using the most up-to-date technology is only more critical.
Caught between cost pressure and the desire to upgrade, many consumers have used to the secondary device market as an alternative when budgets are stretched. To meet that demand, carriers and retailers have taken considerable steps to improve trade-in and upgrade programs and to streamline that offer access to reliable, advanced and affordable second-hand devices.
These programs grow in scale and importance, not only for cost -conscious consumers, but also for the carriers themselves, who use them to promote stronger, long -term relationships with their customers and at the same time restore the value of these assets.
The market for secondary devices
When buying devices on the secondary market, consumers can save hundreds of dollars on smartphones that look brand new, have the most popular functions, have been wiped out safely factsAnd completely renovated.
For families with multiple users or avid technical users who buy multiple devices, the compound savings of the use of second -hand technology can be considerable, which is hundreds of dollars per device. In 2024, the average American value of trade in one iPhone Was $ 204, while the average American value of trade in an Android was $ 105, according to data from insurance.
For consumers who are confronted with rising costs for basic goods, the use of trade -in programs to make money from used devices can bring a device from $ 700 to a $ 500, so that a surplus can be distributed to cover groceries, student loans or other accounts. In 2024 alone, more than $ 4.5 billion was returned to consumers through trade-in and purchasing programs, as indicated by insurance data.
With the uncertainty of the current economic climate, it is not surprising that the market for secondary devices will continue to grow. GSMA projects that by 2027 the market will reach $ 150 billion worldwide, and it will only continue to expand as consumer costs rise and device and trade-in programs become increasingly advanced.
Sustainability stimuli
In addition to the costs of costs, these programs also appeal to the growing number of consumers who are concerned about reusing resources, trying to maximize the value and at the same time notice their impact on the environment. According to GSMA, 70% of the global consumers surveyed would be willing to spend more on environmentally conscious devices.
Today’s technical users can exchange their used devices, knowing that it will have a positive impact on the environment, with the guarantee that there is no risk for their personal data or security. Current trade -in programs accept an increasingly wider range of devices, even from older generations, to be refurbished and resell or recycled in a responsible manner if repair is not feasible. In the case of the latter, parts and materials are used during the recycling process to be reused where possible on other devices.
Social sustainability supplements environmental age and also plays a role in the market for secondary devices. Both worldwide and inland, the secondary market ensures that these devices become much more accessible and more affordable for people around the world who can be priced differently from the adoption of newer technologies – expanding connectivity on a global scale.
Look forward
Although the majority of consumers understand that trade on their devices can lead to sustainability benefits, the greatest barriers for a wider acceptance of second -hand devices are nowadays aimed at a lack of consciousness about the quality and range of available technology, the convenience and financial benefits in old devices, and how easy the process can be.
As the technology is rooted deeper in our daily lives and the costs of new devices continue to rise, we will see continuous growth on the secondary market. Costs will always play a key role in the purchasing decisions of consumers, but as the success and growing size of the programs of secondary devices proves, consumers are also influenced by mandatory, mission-driven options, especially that connect it to a lower price tag.
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This article is produced as part of the TechRadarpro expert insight channel, where today we have the best and smartest spirits in the technology industry. The views expressed here are those of the author and are not necessarily those of TechRadarpro or Future PLC. If you are interested in contributing to find out more here: https://www.techradar.com/news/submit-your-story-techradar-pro
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