The study also highlighted that close to 50% people are aware that buying refurbished phones helps save the environment. While brands like Apple and Samsung continue to be the most desirable brands in the Indian refurbished mobile phone market, brands like Oppo, Vivo and Lava have less inventory available in the refurbished market.
The Quikr Bazaar study also notes that around 75% people are willing to spend more than Rs 10,000 on mobile phone. Only 3% people preferred purchasing anything below Rs 5,000, which reflects that buyers of refurbished phones also prefer high-specification and latest models which are costlier.
The study highlighted that 55% consumers think the key driver to upgrade is to stay updated with latest technology and specifications followed by their mobile phones getting outdated. Only a mere 9% respondents changed their phones because they were either broken or stolen.
As per a latest study by Hong Kong-based market tracker Counterpoint Research, the global market for refurbished smartphones grew 13% year-on-year in 2017 reaching close to 140 million units. This was in contrast with the global new smartphone market that grew at 3% last year. While the US and Europe are the largest global markets for refurbished smartphones, the fastest growing markets include Africa, South-East Asia and India.