Average Age of Q2 Phone Trade-Ins Exceeded 3.5 Years for First Time

Consumers are continuing to hold on to their smartphones longer, with the average age of handsets turned in through trade-in and upgrade programs in Q2 crossing the 3.5-years mark for the first time, said Assurant, a supplier of extended service contracts. “Global demand for pre-owned devices in the secondary market continues to grow, reflected by the rise in trade-in value,” said Assurant. The average trade-in value for all devices increased to $137 in Q2 from $123 in Q1, it said. Though consumers are holding onto their devices for longer, “we are seeing increasingly more consumers trading in their devices,” it said.