The market for refurbished smartphones grew 15% in 2021 compared to the year before, outpacing the 4.5% growth of the new smartphone market. Counterpoint Research reports that refurbished units have been gaining in popularity among consumers and smartphone makers alike.
The switch to 5G pushed many users to upgrade and, interestingly, the higher sales of new units helped boost the sales of renewed units. Many vendors have turned to trade-in deals to lower the purchase cost of new models, which in turn increased the availability of units that can be refurbished and sold again.
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