Why Are Younger Generations More Open to Buying Refurbished IT Devices?
Younger generations are getting savvy to great discounts on essential IT devices, leading many to choose refurbished rather than new.
For many years, Americans have shied away from refurbished devices in favor of brand new phones, laptops, and other tech gadgets. Mass consumerism and a stronger, more healthy economy may have allowed this behavior in the past few decades, but the younger generations in today’s day and age seldom have this luxury.
Instead, younger generations such as millennials (now entering their 40s at the tail end) and Gen Z ‘zoomers’ who are just now entering the labor force are increasingly seeking sustainable, cost-effective alternatives to buying brand new electronics. Refurbished is consequently becoming an attractive alternative.
Buying Refurbished is More Sustainable
Gen Z is leading the way in sustainable purchases, as shown in a study by First Insight. The study revealed that this young up-and-coming generation was highly likely (73%) to pay more for sustainable items, the majority of which would even be willing to pay a 10% premium for sustainable items.
Since mobile phones, laptops, and other tech gadgets are essential for younger generations, it stands to reason that these younger generations are interested in sustainable tech (or green IT) and are willing to pay more for devices if they’re demonstrably sustainable. If true, then most would certainly be happy to pay less for sustainable devices, which is one key reason why refurbished devices are soaring in demand.
It is also important to consider the nearly 57.4 million metric tonnes (around 63.3 million tons) of e-waste that were generated in 2021 – a figure that is expected to steadily grow by around 3% year over year unless drastic changes are made. Gen Z and millennials are increasingly looking for longevity and quality in their tech gadgets, which can lead to more sustainable purchases and a reduction in e-waste.
Refurbished Devices are a Budget-Friendly Alternative
It’s been widely reported that millennials are worse off than just about every other previous generation, economically speaking. Jobs lost during the Great Recession have recovered, but earnings have not caught up, and as such millennials tend to be generally less financially stable than Gen X and the boomers. So far, it appears that Gen Z can expect a bleak financial future, as well.
What this means is that purchasing choices will need to be leaner. No longer can many millennial or young Gen Z adults afford the newest iPhone Pro every single year. Instead, many will likely be spending their hard-earned money on high-quality electronics that are expected to last for years to come.
This is a perfect market environment for refurbished electronics, which have soared in demand. The refurbished electronics industry is expected to grow at an estimated rate of 10% growth year over year.
When dollars are harder to come by, the younger generation will be incentivized to shop for discounted refurbished electronics that offer superb performance and durability. Refurbished electronics retailers and e-commerce platforms such as the Wisetek Market are therefore a sensible alternative to buying new.
Sustainable, Affordable Refurbished Electronics at the Wisetek Market
Wisetek is a global leader in IT Asset Disposition services. As a pioneer of the circular economy in ITAD, we strive to reduce e-waste through initiatives such as our Zero-Landfill Policy and our remarketing services for redundant IT assets.
We also operate the Wisetek Market which is an e-commerce platform offering 100% sustainable, premium-quality laptops, MacBooks, desktop computers, cell phones, tablets, and much more at great discounts. Shop for high-quality refurbished electronics at the Wisetek Market today.
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