It’s fair to say that pretty much every single industry out there suffered some kind of a financial hit in 2020, and for the most part these industries are going to recover. However, with all of that having been said and now out of the way it is important to note that some of the industries that saw a decrease in their profitability in 2020 are not being discussed quite as much, and one such industry would be associated with refurbished smartphones and the like.
A lot of people tend to buy refurbished smartphones because of the fact that this is the sort of thing that could potentially end up allowing them to use high end smartphones after having bought them at a far more reasonable price point which is important since the smartphone industry is actually quite notorious for being overpriced. However, even the more reasonable prices of refurbished smartphones were unable to avoid the hit that came with the coronavirus pandemic, and the industry saw a 9% decrease in a year on year comparison conducted by counterpoint although if you take a closer look at the numbers you might just realize that things aren’t quite as bad as they might seem right now.
In the first half of 2020 when coronavirus was truly wreaking havoc all around the world without anyone being able to fully understand what the best way to contain it would have been, the refurbished smartphone industry saw a shocking 16% decline which as truly a cause for concern. However, after this period passed, the latter half of 2020 saw a bit of a bump in the industry’s profitability due to economic conditions becoming a bit more sustainable as well as Apple’s extremely successful iPhone release which managed to bolster the industry despite the huge economic downturn that the pandemic had recently been causing.
This means that even though refurbished smartphones saw a hit in 2020, the industry is expected to recover in 2021. In fact, a combination of stimulus checks as well as other aspects of the economy being bolstered through heavy government investment might just mean that 2021 would end up being the biggest year yet in terms of refurbished smartphone buying. This year will be an important litmus test to figure out whether or not industries are even going to be capable of the kind of rebound that they need to take part in so that they can continue prospering into the future.
Read next: A study unveils that the tech elites have a more meritocratic view of the world in comparison to non-tech population
A lot of people tend to buy refurbished smartphones because of the fact that this is the sort of thing that could potentially end up allowing them to use high end smartphones after having bought them at a far more reasonable price point which is important since the smartphone industry is actually quite notorious for being overpriced. However, even the more reasonable prices of refurbished smartphones were unable to avoid the hit that came with the coronavirus pandemic, and the industry saw a 9% decrease in a year on year comparison conducted by counterpoint although if you take a closer look at the numbers you might just realize that things aren’t quite as bad as they might seem right now.
In the first half of 2020 when coronavirus was truly wreaking havoc all around the world without anyone being able to fully understand what the best way to contain it would have been, the refurbished smartphone industry saw a shocking 16% decline which as truly a cause for concern. However, after this period passed, the latter half of 2020 saw a bit of a bump in the industry’s profitability due to economic conditions becoming a bit more sustainable as well as Apple’s extremely successful iPhone release which managed to bolster the industry despite the huge economic downturn that the pandemic had recently been causing.
This means that even though refurbished smartphones saw a hit in 2020, the industry is expected to recover in 2021. In fact, a combination of stimulus checks as well as other aspects of the economy being bolstered through heavy government investment might just mean that 2021 would end up being the biggest year yet in terms of refurbished smartphone buying. This year will be an important litmus test to figure out whether or not industries are even going to be capable of the kind of rebound that they need to take part in so that they can continue prospering into the future.
Read next: A study unveils that the tech elites have a more meritocratic view of the world in comparison to non-tech population
