Mobile and the Connected World
Q2 2024 Mobile Trade-In and Upgrade Industry Trends Report
Assurant mobile trade-in and upgrade industry trend report show trade-in values for smartphones increased from 1Q24.
We're using deep insights to help you win business and connect to consumers around the world.
The COVID-19 pandemic had a major impact on the way consumers interact, especially online and how they focused on device interoperability. Unsurprisingly, that led to the increased adoption of smart products that help us connect to each other. And it turns out that, once consumers adopt a smart product, they have a much more positive outlook on smart technology overall.
60%
39%
increase in those consumers who regularly use the connected devices they own
35%
44%
Assurant's latest research explores U.S. consumer attitudes towards connected devices. There was a 39% increase in device usage last year, where the majority of consumers surveyed (60%) connected at least one new or replacement device to their Wi-Fi for the first time.
But while device usage is on the rise and 5G has been a catalyst for driving smartphone upgrades during the past year, U.S. consumers facing inflation and the global cost of living crisis are cautious in their approach to spending on connected devices this year.
Sentiments settled in 2022, likely due to device saturation in the market. Only 39% of consumers revealed they'd upgrade their smart devices in the coming year.
How do retailers continue to command market share and consumer loyalty? Consumer demand trends point to value-added services. Almost half (44%) of consumers are likely to go commit to a purchase of a connected device if it comes with the promise of further technical support after the sale.
Younger generations continue to gain buying power and influence buying behavior trends. In the Connected Decade research, roughly 50% of Gen Z and millennials were interested in buying refurbished devices if it meant it'd contribute to sustainability.
Regardless of the consumer's device preference, 48% of all connected consumers would be at least somewhat likely to pay an optional monthly fee to pay a monthly fee to support sustainability initiatives.
Kicked off in 2020, Assurant will be analyzing and sharing insights into connected consumer buying behaviors around the world over the next ten years. The Connected Decade research is designed to provide actionable insights that help us work together to enhance existing programs and create new programs that meet your consumers' needs during this evolution.
Our study spans eight countries, surveying participants who represent shifting consumer attitudes across the United States, Mexico, Australia, Canada, Brazil, Japan, the United Kingdom and Germany. Consumer sentiments outlined in the study reveal substantial opportunities for connected living companies.
From the Americas to APAC:Connected Trends Around the World
The New Connected World
Connectivity is Now King for Renters
5G’s Evolution in the Connected Decade
Connected Trends Around the World
5 Types of Connected Consumers & How They Buy
Lower latency, increased data capacity, automation and truly intelligent technology will create virtually endless possibilities for connected consumers in the next decade. ‘Smart cities’ are now within reach. Real interoperability between smart homes, cars and mobile devices will be solidified. And enterprise applications for industry-specific advancements are expected to be enormous.
Mobile and the Connected World
Q2 2024 Mobile Trade-In and Upgrade Industry Trends Report
Assurant mobile trade-in and upgrade industry trend report show trade-in values for smartphones increased from 1Q24.
Mobile and the Connected World
Q1 2024 Mobile Trade-In and Upgrade Data Trends Review
Our Trade-In and Upgrade Data Trends Review highlights some interesting movements in the industry during the first quarter of this year.
Mobile and the Connected World
Q4 and 2023 Mobile Trade-In and Upgrade Industry Trends Report
Annual Mobile Trade-in and Upgrade Industry Trends report, saw a record-breaking amount of money returned to customers from mobile trade-in programs.