Recently, Business Insider has reported that consumers among Gen Z are found to have started buying used smartphones more than ever before. So, based on a survey made by Consumer Intelligence Research Partners (CIRP) confirms the Business Insider report. But that data probably won't worry Apple.
In addition, CIRP in its report said, overall, about 13% of smartphone users who own an iPhone in 2024 will be from a used iPhone. That number represents a slight increase over recent years. As seen, the COVID-19 pandemic has dramatically disrupted the used iPhone market.
Moreover, younger customers tend to buy used iPhones more. CIRP found that 16% of iPhone buyers in the US aged 18-24 will acquire a used iPhone in 2024. However, these younger customers are always attracted to used smartphones. A higher percentage of these younger customers are also buying used smartphones in 2019 and 2020 as well.
This is normal as younger customers may have limited finances to spend on a new smartphone. CIRP says this situation has continued over the past few years, and shouldn't come as a surprise to anyone at Apple wondering how to appeal to Gen Z.
Furthermore, Gen Z is also likely to be more tech-savvy and thus able to make decisions about their needs for the latest features of the latest phone models. Younger customers may also be more committed to reducing their impact on the environment by purchasing used products whenever possible. CIRP concluded that, for the overall iPhone market, strong demand for used iPhones supports higher trade-in values.
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