According to a report by Counterpoint Technology Market Research, the number of Nigerians that bought secondhand iPhones and Samsung rose by 10 per cent in 2021.
The report noted that the global secondary smartphone saw a surge in demand and supply in 2021, growing by 15 per cent in terms of volume.
It said that with new flagship smartphone prices remaining expensive, a large share of consumers are buying refurbished models of popular brands like Apple and Samsung.
It added that Apple is the most bought secondhand phone in the market.
A senior analyst, Glen Cardoza, in the reports, said, “Refurbished smartphones are a part of overall pre-owned devices which re-enter the system through various routes.
“Trade-ins are the fastest-growing source for such pre-owned smartphones, the volume of which grew more than 10 per cent globally in 2021. We are seeing a Year-on-Year increase in volumes among refurbished players in developing markets like China, India, Latin America, Southeast Asia, and Africa.
“These markets will grow more as they have many unorganized businesses and a large rural demographic yet to be captured. Average selling prices of refurbished smartphones increased marginally as 4G devices still retained value.”
The research firm specialising in products in the technology, media, and telecom industry said Latin America and India had the highest growth rates in the secondhand smartphone market, with 29 per cent and 25 per cent respectively.
It added that the United States of America, China, and Europe showed strong growth in volumes from 2020.
The Research Director, Jeff Fieldhack, said, “The India and LATAM markets saw the highest growth rates in 2021 and also have the highest future potential growth over the next few years.
“There were supply shortages in the secondary market in 2020 due to COVID-19 lockdowns and other supply chain disruptions. But the market roared back in 2021. There are large consumer appetites for flagships and the latest flagships have the highest point-of-sale prices in India and LATAM.
“The secondary market offers consumers the ability to access these devices at ASPs 60 per cent lower than new versions. The improved durability and high quality of flagships make them very appealing in the secondary market.”