The notable year-over-year increase in the volume of Samsung's Galaxy S21 turned in from trade-in and upgrade programs in the first half of the year was potentially driven by Samsung's new product launch in January. During that launch, Samsung introduced Galaxy AI, one of the first and most impactful consumer-facing AI innovations seen in mobile devices since the advent of voice assistants. This suggests that while consumers are holding onto their phones longer than ever, those who are trading in may be motivated by innovative, user-centric capabilities, powered by AI.
Consumers received a total estimated value of $829 million for their mobile device trade-ins in the second quarter of 2024. The average trade-in value was $141.02, nearly a 28% increase over the $110.87 of mobile device trade-ins during the previous quarter.
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