Thibaud Hug de Larauze, Company: Back Market, Position: CEO, Previous job: Managing merchant inventories on eBay and other marketplaces, Phone model: iPhone 6. Of those, half said they didn’t trust resale devices the other half had never considered them. A 2019 poll by Back Market found that 80% of Americans never shop for refurbished electronics. consumers are simultaneously more familiar with and less excited about buying pre-owned phones. The global market for used and refurbished smartphones is growing-it was $19 billion in 2017 and will reach $44 billion by 2027, according to Performance Market Research-while new smartphone sales contracted by 4% worldwide in 2018. “It’s mostly psychological, with advertising telling you that you need a new one.” “There hasn’t been major innovation in smartphones in four years,” says Hug de Larauze, who uses a five-year-old iPhone 6 that would retail for about $200 on his site.
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