Second-hand phone sales are booming

Second-hand phone sales are at the top of history… Well, is it possible to explain this increase only for economic reasons?

Analyst company IDC, worldwide refurbished and used smartphone salesfound to reach 282.6 million in 2022, from 253.4 million reported the previous year, Represents a significant increase of 11.5% . In addition to economic problems, it is thought that companies such as Apple, Google and Nokia provide longer-term updates on their devices. Because even many two-year-old phones can run the latest operating system versions.

With this growth rate, the number could reach 413.3 million by 2026, according to IDC.

IDC’s Global Quarterly Cell Phone Tracking research director Anthony Scarsella, “ Used market managed to grow 11.5% in 2022 thanks to the 6.1% recovery we witnessed in the new market for 2021” he says and continues: “ Used devices are resisting market blockers more than new smartphone sales, as consumer appetite remains high in many regions. Attractive price points are critical to growth, as cost savings remain the primary benefit. However, the high-end inventory effort due to extended replenishment cycles in the new market has driven prices up over 11% in 2022.

It is also stated that used smartphones constitute a larger market share in the rest of the world compared to North America. Used device demand in 2022 accounted for 26% of all demand in North America, compared to 74% in the rest of the world. By 2026, IDC expects second-hand phone demand to fall to 25.1% in North America and to 74.9% in the rest of the world.

Besides the obvious financial advantages of buying a used phone, there are also environmental benefits. While things are probably not what people think about when buying a used phone, buying a used phone is one thing that keeps phones out of landfills for longer.