Don't leave it in the drawer: Liberate your unwanted tech!
Mazuma is calling for consumers to free their unwanted tech from the depths of the drawer after new research of 2,000 UK consumers found that many Brits typically leave it to depreciate in value in their homes over time, missing out on the opportunity to cash it in for its maximum value.
Our survey asked consumers about their behaviours and attitudes around buying and trading in tech, and that, while awareness of trade in services like Mazuma is generally high, many Brits are still hoarding unwanted tech in their homes.
- A quarter (25%) give it to their children/parents/a friend to use.
- 31% store it somewhere in case they need to use it again one day.
- 21% store it somewhere in case they need some of the data on it again.
What does this look like in the average UK household?
- On average, Brits have 2.19 devices in their home that are no longer in use, and have been holding onto these devices for around two years.
- Almost a fifth (19%) have three unwanted devices in their home and 17% admit to having four or more.
- A third (33%) have been holding onto these unwanted devices for two to three years, and 15% say they've had them for four to five years. Considering how quickly tech typically loses value, the longer you hold onto your devices before trading them in, the more money you'll be losing on them. Time is of the essence!
- On average, Brits estimate they're hoarding around £100 worth of unwanted tech in their homes. Yet, considering newer models could fetch hundreds of pounds each, it's possible they're underestimating the value they're sitting on.
Why are we holding onto our old devices?
When we asked those that said they wouldn't consider trading in their unwanted tech in future why, here's what they said:
- A fifth (20%) are worried about the security of their personal data on the device (Click here to find out what really happens to it!).
- 17% don't want to trade-in because they think they might need their device again.
- 13% said it's easier to just throw it away.
So, time is of the essence, dig out your old tech and trade them in with Mazuma for same-day cash. Don't leave tech in your drawer - liberate your unwanted tech!
How far could a bit of extra cash in your pocket go right now?
Considering the sheer scale and value of unwanted tech items, our research suggests that us Brits are collectively hoarding almost 150 million old, unused devices in our homes, worth a staggering £13.9 billion*.
At a time when many households are struggling with the ongoing cost-of-living crisis, clearing out those old cluttered drawers could free up a bit of much-needed cash.
Our research found that over a sixth (16%) of Brits are struggling to meet mortgage or rent payments, bills and living expenses as a result of the ongoing cost of living crisis, and 38% said they’ve been impacted "considerably", having significantly less disposable income.
But where are we making the biggest cutbacks?
It’s clear many of us have had to make cutbacks and change our spending and purchasing habits to cover essential costs. As a result downtime, hobbies and much-needed quality family time have all taken a hit.
Yet, considering that the average Brit has around £100 of unwanted tech in their home, simply digging out those old devices and trading them in could put some valuable cash back in your pocket that would allow you to take the kids out for a day, put towards your next tech upgrade, or even cover the cost of Christmas dinner.
It can take just minutes to find out what your devices are worth.
* Mean average of 2.19 devices per person multiplied by the UK population of 67,026,300 (based on latest ONS data) to reveal number of 146,787,597 devices. Number of devices multiplied by mean value of unused tech (£94.92) to reveal total mean value of £13,933,078,707.Tech recommerce on the rise!
With ongoing cost pressures, it's perhaps not surprising that so many of us are looking for more cost-effective ways to acquire tech, or selling on unwanted devices to free up extra cash.
Yet, our survey suggests that it's not just financial reasons behind the shift. As education and awareness around the impact of our consumption habits on the environment increases, so too does the number of consumers consciously making more eco-friendly decisions.
Disposing of tech:
- 77% said they would consider trading in their unwanted devices in future
- 73% said environmental impact is important to them when disposing of old devices
Buying refurbished:
- 38% already own a refurbished device
- 33% don’t currently own a refurbished device but would consider purchasing one in future
'Gen Green'
Our survey shows that millennials are our 'Gen Green' leading the charge, especially when it comes to opting for second-hand devices over new. Over half (51%) of millennials currently own a refurbished device. This contrasts to just 22% of those aged 59+ (baby boomers and the 'silent' generation) doing the same.
When asked about their reasons for purchasing refurbished over new, millennials cited sustainability as a main driver (30%), coming second only to cash reasons (55%).
Millennials are also adopting more environmentally-friendly practices when disposing of their unwanted tech items.
The recommerce revolution
Recommerce refers to the buying, selling or renting of previously-owned products, and contributes a total of £6.99 billion to the UK economy.
According to Barclays, 25-34 year olds are the largest contributors to the recommerce economy, accounting for 28% with an estimated £1.95 billion spent on second hand items in the past year alone.
'Gen Green' - millennials leading the sustainable tech charge
- 51% currently own a refurbished device
- 25% don't currently own a refurbished device but would consider purchasing one in future
- 64% have traded-in their old devices when they no longer use them
- 82% would consider trading in their unwanted electronic devices in future
- 72% say environmental impact is important to them when disposing of their old devices
The research found that awareness of the impact of e-waste on the environment is also highest among the millennial generation (82%), while 72% say environmental impact is important to them when disposing of their old devices.
Did you know?
Trading in your unwanted devices is quick and hassle-free, taking less than five minutes to register the sale. We offer a range of different drop off, pick up or postage options and aim to pay the same day we receive your device.
