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Sales of Used Phones Continue to Grow Despite Increased Consumer Spending

Summary

The market for smartphones experienced a decline in 2023, but there is one sector of the mobile industry that has witnessed significant growth – the sale of used phones. Despite concerns that could impact sales, people are now holding onto […]

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The market for smartphones experienced a decline in 2023, but there is one sector of the mobile industry that has witnessed significant growth – the sale of used phones. Despite concerns that could impact sales, people are now holding onto their phones for over 40 months, resulting in fewer devices available for resale.

Compared to the 3.2% decline in shipments of new smartphones in 2023, shipments of used and refurbished phones increased by 9.5%, from 282.6 million to 309.4 million devices, according to IDC. In line with this, IDC predicts that shipments of used phones will reach 431.1 million units by 2027, with annual growth rates of 8.8% between 2022 and 2027. This increase in shipments can be attributed to extended replacement cycles, high prices of new devices, and macroeconomic challenges, leading people to opt for used or refurbished models.

However, while the market for used phones continues to develop, IDC warns that the growth is not as rapid as previously predicted due to reduced inventory and weaker consumer demand. People are holding onto their phones for longer periods, leading to inventory shortages. It is important to note that phone replacements account for only a part of the total used inventory.

Although the United States had the largest share in used phone shipments, accounting for nearly a quarter of the total number, the rest of the world also recorded a significant number of shipments (227.6 million). The revenue from this market in the U.S. amounted to 40.4%.

Additionally, research from Counterpoint shows that iPhone devices dominate the market for refurbished phones, with a market share of 49%. Most consumers who purchase refurbished phones opt for premium models, which raise the selling prices.

In conclusion, sales of used phones continue to grow despite increased consumer spending. Consumers are turning to used or refurbished models due to device durability, high prices of new phones, and macroeconomic factors. However, the market faces challenges in terms of inventory shortages and decreased demand, impacting the growth rate of this sector of the mobile industry.

Frequently Asked Questions (FAQ)

1. How has the sale of used phones impacted the decline in the smartphone market?
– The smartphone market experienced a decline in 2023, but the sale of used phones has witnessed significant growth. People are holding onto their phones for longer periods, resulting in fewer devices available for resale.

2. How much have shipments of used and refurbished phones increased compared to new smartphones?
– According to IDC, while shipments of new smartphones declined by 3.2% in 2023, shipments of used and refurbished phones increased by 9.5%, from 282.6 million to 309.4 million devices.

3. How are shipments of used phones expected to develop in the future?
– IDC predicts that shipments of used phones will reach 431.1 million units by 2027, with annual growth rates of 8.8% between 2022 and 2027.

4. What are the factors explaining the increase in shipments of used phones?
– The increase in shipments of used phones can be attributed to extended replacement cycles, high prices of new devices, and macroeconomic challenges, leading people to opt for used or refurbished models.

5. What are the potential obstacles to the development of the used phone market?
– IDC warns that the growth of the used phone market is not as rapid as previously predicted, due to reduced inventory and weaker consumer demand. People are holding onto their phones for longer periods, leading to inventory shortages.

6. What is the share of the United States in used phone shipments?
– The United States has the largest share in used phone shipments, accounting for nearly a quarter of the total number. The rest of the world also recorded a significant number of shipments (227.6 million).

7. Which types of phones dominate the market for refurbished phones?
– According to Counterpoint research, iPhone devices dominate the market for refurbished phones, with a market share of 49%. Most consumers opt for premium models.

Related links:
– [IDC](https://www.idc.com/)
– [Counterpoint Research](https://www.counterpointresearch.com/)