Second-hand Smartphone Sales Hit $13 Billion
There are strong indications of the growing appetite for second-hand smartphones globally as first-quarter revenue from the segment hits $13.3 billion, compared to the $9.1 billion recorded in 2022.
The research company, CCS Insight stated the second-hand phone sector booked sales growth of 14 per cent year-on-year, outpacing the market for new devices. It identified a high demand for second-hand flagship models sold like new and an increasingly diversified range of sellers as critical drivers of the growth.
Analyst Kane McKenna said the secondary smartphone market is “constantly outpacing the equivalent new device market as better products become available from leading international brands”, with the iPhone 12 being the most sought-after product in the quarter.
While a cost-of-living crisis factored mainly in the uptake of second-hand smartphones, a growing awareness of sustainability and device circularity also played a role.
However, CCS Insight cited supply as a negative factor, as the segment relied on consumer trade-ins instead of traditional supply chains. It named the US as a market, which showed a “precarious lack of supply from other global markets.”