The newest iPhone model is experiencing a lackluster start with preorders down by nearly 13% compared to last year's iPhone 15.
The hype surrounding new iPhones has diminished, replaced instead by a growing interest in refurbished phones, which now account for a significant market segment.
People are becoming increasingly aware of refurbished phones' benefits due to effective advertising and positive word-of-mouth, leading to increased interest in used devices.
The global market for refurbished smartphones saw a 5% growth year-over-year, indicating a substantial shift in consumer preferences towards used devices.
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