Millennials, unsurprisingly, love upgrading to the latest smartphones
How long can you enjoy your new smartphone before you start feeling that itch, the irrepressible sense that there’s already something better out there, and your handset is already holding you back? While we all arguably deal with something similar to one extent or another, it’s easy to understand how such concerns could be especially pronounced with millennials, a generation raised with tech in their blood. This week, a new study looks at precisely what sort of attitudes such users have as they consider moving to new phones.
US carriers have really been pushing their early upgrade programs as of late, and it sounds like the millennial generation has been listening. In a survey of 1,000 smartphone users between 18 and 34 years of age, 69 percent indicated they’ve taken advantage of early upgrades. Even those that don’t are aware the option exists, with 84 percent staying on top of their early upgrade options.
There’s a good reason so many are upgrading, as the drive to have the latest and greatest is strong with this set: 47 percent of upgraders identify as early adopters, and that need to be carrying the latest phone influences upgrade decisions far more strongly than anything like the impact an upgrade might have on service plan details or phone financing.
The survey also reveals a few other interesting tidbits, like the large number of users who end up hanging on to old handsets, even after upgrading to fresher models: 44 percent of Android users, and 35 percent of the Apple crowd. Check out the full report on the survey below for even more data along these lines.
SURVEY: 70% of All Millennials Using Early Upgrades for New Smartphones
Findings also reveal nearly 60% have owned at least 3 smartphones in the last 5 years
NEW YORK (July 22, 2015) – SellCell.com, the leading cell phone trade-in price comparison website in the United States, today announced the results of a new commissioned study examining smartphone ownership, as well as early upgrade knowledge and preferences among millennials. More than 1,000 adult millennials (18-34 years old), men and women, across the U.S. were polled for the study between May 1, 2015 and May 11, 2015. 51% of those surveyed were iPhone owners versus 46% Android owners.
56% have owned at least three smartphones in the last five years
Nearly 60% of millennials (56%) have owned at least three smartphones in the past five years, with 12% owning at least five smartphones over the same period. Millennial women (59%) were seven percent more likely to have owned at least three smartphones over the last five years than millennial men (52%).
With a median average selling price of $531 per smartphone in North America between 2011 to 2015, more than half (56%) of all millennials have spent at least $1,593 on smartphones during that time.
Nearly 70% are using early upgrades to get new devices
An overwhelming majority of millennials (84%) said that they stay informed about early upgrade options available through their wireless providers. Across genders, millennial women (19%) were six percent more likely to be unaware of early upgrade options available to them, compared to 13% of millennial men.
When it comes to taking advantage of early upgrades, nearly 70% of all millennials (69%) have done so when purchasing a new smartphone. Millennial Android owners (69%) and iPhone owners (70%) were virtually identical in their decision to make use of their wireless provider’s early upgrade options.
47% want to be first adopters, opting for the latest technology
When asked why they decided to upgrade early, nearly half (47%) said that they did so to be first adopters and that they “like having the latest technology as soon as it’s available;” followed by to get money or credit for trading in a smartphone (16%); to get a discount on a monthly service plan (16%); being able to finance the smartphone in monthly installments (16%); having no contract required (13%); and being able to switch carriers (11%).
First adopter status was more important to millennial iPhone than Android owners, with more than half of all iPhone owners (54%) saying that they used an early upgrade to get their smartphone because they wanted it as soon as it was available, versus just 40% of Android owners. Millennial men (50%) were five percent more likely to get a device just to have it first versus millennial women (45%).
“Among millennials, ‘being first’ is a badge of honor, which is driving early upgrade adoption,” said Keir McConomy, founder of SellCell.com. “The shelf life of a smartphone is really shortening for that reason, which will drive interest in recycling devices or trading them in.”
88% are interested in trading their old smartphone for cash
When asked what they do with previous smartphones after purchasing new devices, 40% of millennials said that they “store them away.” Android owners (44%) were the biggest offenders when it came to hoarding old devices, whereas iPhone owners (35%) were less likely to keep their unused smartphones. Still, there is a real desire among millennials to trade in old smartphones, with nine out of 10 saying that they would be interested in doing so. According to SellCell.com data, across iPhone and Android owners who comprised 97% of all respondents, devices can be worth as much as $500 when recycled online.
In support of that, the second most likely route for old devices was trading them in for cash or credit, as more than a third 34% of millennials have done so. Rounding out the most preferred options for unused smartphones after getting a new device were: give it to a family member or friend (16%); donate the device to charity or recycle it (7%); and a small group (3%) said that they actually throw the devices out.
To learn more about SellCell.com or recycle your phone today, visit http://www.sellcell.com.
SellCell.com is the United States number one cell phone and tablet trade-in price comparison site. The site compares prices from all the top phone and tablet buyers in the United States to help users get the most money when selling their old cell phone or tablet. Sellcell.com offers its customers a Best Price Guarantee; should the customer discover a higher price anywhere else, Sellcell.com will refund double the difference.