According to a latest survey by Cashify, 70 per cent of the respondents prefer buying refurbished smartphones due to lack of affordability, while 12 per cent of the respondents preferred buying it as a spare device and 13 per cent as a gift for a loved one. As per the survey, Xiaomi, Apple and Samsung emerged as the most demanded brands while OnePlus remained a brand that people chose when looking to buy a premium phone at pocket-friendly prices.

The white paper released by the company further revealed that Indians are increasingly buying refurbished smartphones, as prices of new smartphones tend to shoot up due to rise in input costs. Meanwhile, out of the models, iPhone 7 grabbed the top spot for buyback and Redmi Note 5 Pro made it to the second spot, followed by the Redmi Note 4, iPhone 6 and the iPhone X. While Xiaomi and Samsung’s popularity in the re-commerce segment are in line with their overall market share, Apple owns a large chunk of the share as for most people, buying a preowned iPhone is a more affordable option than buying the extravagantly-priced, new iPhone, the report asserted.

Besides, the survey further revealed that over 52 per cent consumers have two or more unused/unsold devices, out of which 36 per cent did not want to get rid of their phones to keep a spare unit for work and emergencies, while 25 per cent did not receive a good price in the market. In addition, the survey found that users in New Delhi sold the most phones in 2021, with Bangalore and Mumbai filling the top 3 spots. Bangalore users, however, were the most truthful in reporting the flaws in their old devices while selling, followed by Hyderabad. Kolkata and Pune were the least truthful.