Used Phone Q1 Transaction Volume Up 12% QoQ... LG Phones and iPhones Lead the Way
Increase in Transaction Volume Despite LG Phone Withdrawal
Active Transactions Due to iPhone Popularity
Changing Perceptions of Used Phones
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[Asia Economy Reporter Cha Min-young] The used phone sales volume is increasing, and as young consumers who prioritize efficiency flock to the secondhand market, the used phone trading market is also gaining momentum.
According to UpM, a used phone B2B trading platform operator, the domestic used smartphone transaction volume in the first quarter of this year was 1.3 million units, about 12% higher than 1.16 million units in the first quarter of last year.
Even after LG Electronics announced its withdrawal from the mobile phone business, the transaction volume of LG Electronics smartphones surged. In the first quarter of this year, about 147,000 LG Electronics smartphones were traded through UpM, a 24% increase compared to the same period last year. Apple iPhone transactions also increased by about 23% to approximately 430,000 units. Due to the popularity of the iPhone series in November-December last year, monthly transaction volume exceeded 500,000 units, and the booming atmosphere in the used phone market has continued into this year. Samsung smartphones were traded at about 716,000 units, showing only about a 6% increase.
The overall growth of the used phone sales market is attributed to the 'Used Phone Guarantee Program.' This program refunds part of the cost when devices are returned through manufacturers or telecom companies, which has increased sales volume. Devices returned this way are well-maintained and are frequently traded in the general consumer retail market.
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The increase in used phone trading is also influenced by the rise of secondhand trading platforms such as Bungaejangter, Danggeun Market, and Junggonara, as well as the improved perception of secondhand trading among the younger generation who value cost-effectiveness (performance relative to price) and practicality.
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