Early upgrade offers are not just for the young, but they’re holding special appeal to the younger set.
According to a poll of 1,000 Millennial smartphone owners (51% iPhone users; 46% Android users) conducted by Research Now (on behalf of cell-phone trade-in comparison site SellCell), more than half (56%) have owned at least three smartphones in the last five years, and 12% have owned at least five smartphones in the last five years.
Among the demographic, nearly 70% have taken advantage of early upgrade offers when they went to obtain a new smartphone. A significant amount of Millennials (84%) stay informed about early upgrade offers through their wireless providers.
Nearly half (47%) of these early upgraders said they relished theea of being early adopters and liked having the latest technology as soon as it was available. Other reasons included getting money or credit for trading in a phone (16%), getting a service plan discount (16%), being able to finance a new phone with monthly payments (16%), and being able to switch carriers (11%).
A good portion (40%) of Millennials keep their phones and “store them away,” according to the survey. About a third, however, trade them in for cash or credit. Other destinations for old phones include: giving it to a family member or friend (16%), donating the device to charity or recycling (7%) and throwing them out (3%).
“Among Millennials, ‘being first’ is a badge of honor, which is driving early upgrade adoption,” said Keir McConomy, founder of SellCell.com, in a statement. “The shelf life of a smartphone is really shortening for that reason, which will drive interest in recycling devices or trading them in.”