ecoATM Survey Uncovers Economic Barriers, Anticipated Spending Habits for U.S. Consumers for Buying Smartphones this Holiday Season

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Nov 18, 2024, 09:00 ET

53% of consumers reported inflation has impacted their budget for purchasing a smartphone this holiday season

SAN DIEGO, Nov. 18, 2024 /PRNewswire/ -- A new survey from ecoATM, the global leader in mobile device re-commerce, revealed economic barriers and anticipated spending habits for U.S. consumers buying a smartphone this holiday season.

Key findings from this survey of 1,000 adult American consumers showed that:

Inflation continues to impact consumers' spending on smartphones this holiday season.

Across generations, more than half of respondents (53%) have a smaller budget to buy a smartphone this year due to inflation
53% of respondents indicated they've taken on some form of debt to afford their smartphone, with 21% of Gen Z picking up additional shifts or working multiple jobs
Nearly 1 in 4 (24%) respondents intend to buy an older generation phone this holiday season

Consumers are more focused on online holiday deals than in-person deals.

Consumers favor online shopping, with a majority (62%) looking to buy their smartphone online with a Black Friday or Cyber Monday deal
70% of higher-income consumers plan to buy their smartphone online with a deal, compared to only 54% of the lower-income group*

More consumers expressed interest in selling pre-owned items to earn money and buy a new smartphone this holiday season.

75% of respondents are motivated to recycle their pre-owned smartphones with a recommerce company to earn money, with Gen Z leading the pack (86%) over other generations (74%)
Many respondents (21%) are selling old items such as electronics, clothes, bags and more to help afford a new smartphone. This approach is more popular among younger generations, with 24% of Gen Z and 22% of millennials compared to just 18% of Gen X
Almost a quarter (23%) of respondents keep their old devices because they are unsure of what to do with them – and 28% sell their devices

"As inflation continues to negatively impact consumer spend this holiday season, selling pre-owned items and taking advantage of online Black Friday and Cyber Monday holiday deals are two useful ways consumers can be budget conscious. With rather expensive smartphones topping the list of must-buy items, they're also a good way to save cash to put towards that purchase," said Stan Pavlovsky, CEO of ecoATM. "At ecoATM, we are committed to helping consumers get cash on the spot while responsibly recycling their technology – enabling our customers to celebrate the holiday season while making a positive impact on the planet."

Learn more about ecoATM's findings and holiday shopping tips here.

Methodology:
The data in this report originates from a custom survey designed on behalf of ecoATM and fielded via the online platform Pollfish, conducted on October 16, 2024. The survey targeted 1,000 adults in the US, aged 18-55, who expressed interest in purchasing a smartphone during the upcoming holiday season.

*For this survey, higher-income groups were made up of American adults that earn $100,000 or more in a year and lower-income groups were American adults that earn $50,000 or less in a year.

About ecoATM Gazelle
ecoATM Gazelle is the global leader in mobile device re-commerce. ecoATM's rapidly growing footprint of more than 6,000 trade-in kiosks across the US offer instant cash for used smart devices. Gazelle is the leading online marketplace for refurbished device purchase and trade-in, providing certified, pre-owned devices in a simple, convenient way. Find a kiosk near you and price your device at https://www.ecoatm.com/.

SOURCE EcoATM, LLC