A Guide to Smartphone Trade-in European and US Market
With a surge in new smartphone models, you probably have the plan now to upgrade your old phone. The market for used smartphones has skyrocketed in Europe on consumer demand and supply levels.
Here is where the trade-ins play a significant role for customers to get the smartphone they desire.
Trade-in programs are helping customers get back billions of dollars on their old and used devices. It is, without a doubt, a great initiative to persuade consumers to switch to an upgraded version of smartphones.
It is forecasted an increase to $1.7 billion in the sales value of smartphones in the US by 2022. On the other hand, the European market seems to be missing considerable trade-in profit due to privacy and security concerns.
So, read along to know more about how the US and the European smartphone market react to the trade-in program.
What are Trade-in Smartphones?
To start, what is the whole hype about a trade-in? There are a plethora of new models that have adorned the smartphone market. With Samsung, Apple, and Google introducing new models, people are finding ways to upgrade to the latest models.
Whether you want the latest iPhone 13 or Samsung Galaxy S20 FE, trade-ins are an intelligent way to sell your old phone. You might wonder what has caused a rage in trading for smartphones worldwide.
The simple answer is the introduction of 5G smartphones by manufacturers like Samsung. Moreover, most of these brands and manufacturers use clever ways to trade-in promotions during the device launch.
The need and want by consumers to upgrade their device to a 5G version has pushed the demand for trade-in programs for smartphones.
Slow and Steady European Trade-In Market
The European market for trade-in or used smartphones has come a long way. This region is a leading market for smartphone manufacturers, with 862.5 million subscriptions expected by 2026.
The smartphone market is enormous, and there is no denying that. However, what is the trade-in scenario in the European market?
Even though trade-in incentives in Europe are still in an early development stage, they are anticipated to grow going forward.
Here are a few findings.
- Europe has recently found its footing compared to the US, where the market for used phones is at a more advanced stage. With the ever-evolving consumer demands, the volumes of trade phones surged in the past year.
- The most significant factor is Apple’s rollout of the iPhone trade program in Europe. This trade-in market of 2015 still stands as the top-notch trade-in program to date.
- However, it got reported that European consumers, especially the Brits, have turned a blind eye to smartphone trade-in. Security and privacy are the biggest concerns that have influenced Brit consumers to say no to trade-in.
- Furthermore, few people who invested in the trade-in reported not receiving the promised rate for their old devices.
The Entry of Vodafone
With the European market missing out on noteworthy trade-ins for iPhone 12 series, Vodafone announced the launch of its new trade-in tool. This tool will ensure consumers get what they desire from trading off their phones.
The tool helps the customer buying iPhone 12 series get an instant guarantee on the value of their trade-in saving. A step that may persuade the European market to be more open to the trading game.
Thriving US Smartphone Trade-In Market
Trade-in programs in the US returned more than $1 billion to its consumers in 2021. This data is an alibi of how Americans welcome trade-in programs with open arms.
The urge to reduce technical gaps and sustainability has led more consumers to sell their old and unwanted phones.
Trade-off programs being a hit in the US market is due to the smart tactics implemented by the manufacturers. The trade-in allows US consumers to get hold of 5G devices at an affordable rate.
Thus, these programs have substantially impacted the market and have a promising future in the US.
iPhones dominate the trade-in and upgrade programs of 2021, followed by the Samsung Galaxy S9 model. The average trade-in value for an iPhone stood at $199, whereas the average trade-in value for an android phone was $98.
With the release of new smartphones, the trade-in demands have skyrocketed in the US market. A wise move to persuade consumers to pick 5G. With big names like Amazon stepping in, consumers today can even take their trade-in activity through online platforms.
Trade-in programs are an incredible initiative by retailers, operators, and OEMs to attract consumers to upgrade their mobile devices.
Moreover, trade-in is slowly shifting to the online marketplace, which has boosted overall earnings.
Though there has been a rise in such programs, a lack of consumer awareness has led them to lose trade-in opportunities significantly.