Second-hand and Refurbished Phone Market Takes Flight Amid Inflation Hike

More and more cash-strapped people are opting to buy second hand and refurbished handsets in these tougher economic times with sales of used and refurbished devices estimated to have passed 282 million in 2022. From a report: The unit growth for those 12 months is some 11.5 percent higher than the prior year, and IDC number-crunchers have calculated compound annual growth of 10.3 percent until 2026 when shipments are forecast to reach 413.3 million. Anthony Scarsella, research manager with IDC's Worldwide Quarterly Phone Tracker, said the used market grew off the back of a 6.1 percent rebound in sales of new phones in 2021. "Used devices demonstrate more resilience to market inhibitors than new smartphone sales as consumer appetite remains elevated in many regions," he said. "Attractive price points are critical for growth as cost savings remain the primary benefit," Scarsella added. "However, a high-end inventory struggle due to elongated refresh cycles in the new market has used prices growing 11 percent in 2022." North America was calculated to have shipped 73.5 million smartphones last year with the other 209.1 million devices sold into channels across the rest of the globe.

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