India had the best year-over-year increase in refurb sales last year
With a global chip shortage and shortages in other components, Counterpoint says that some global retailers known for selling new devices are increasingly offering refurbished phones in order to keep the lights on and the bills paid.
Counterpoint’s data shows that Latin America had the biggest year-over-year increase in refurbished sales with a 29% hike last year. The country with the second-largest smartphone market, India, was second with a 25% hike year-over-year. China also has the largest market for refurbished phones but its year-over-year rise in such revenue last year was only 10%. The U.S.,had the third largest gain in annual improvement with a 15% increase.
Year-over-year gains in Q2 refurb sales rose 15%
Apple was the most popular smartphone brand in the refurbished market with Samsung following. With Apple and Samsung seeing revenue increasing for their flagship models, the carriers are collecting more trade-ins to work with. Counterpoint says that the secondary market for refurbs allows consumers to access some of the most popular models at prices that are up to 60% off.