Research from MPB reveals US households are hoarding $650 billion worth of unused tech
Two-thirds of Americans have at least one piece of unused tech in their home and yet half of US adults reported that they have never traded in a used tech item to get a new one.
New research from MPB, the world’s largest online platform to buy, sell, and trade used camera and video equipment, shows the US population is sitting on a goldmine of unused tech. Cameras, phones, smart watches, TVs and other common consumer gadgets are laying around all over the country, with the average US adult sitting on $2,459 worth of unused tech. This means the entire country is hoarding over $650 billion worth of devices they don’t use.
Two thirds of consumers surveyed feel that the cost of technology is too expensive. The average amount consumers spend every year to keep up with the latest technology is over $500. Despite how much consumers stand to make, 50% of consumers reported that they have never traded in a used tech item to get a new one.
Millennials and Gen Z are holding on to the most unused tech: adults ages 18-34 have an average of $3,691 worth of unused tech in the US. Over half (56%) of them have at least one unused camera in their home.
When asked why they haven’t ever sold an unused piece of tech, the two most popular reasons consumers gave were that they don’t think they’d receive much money in return and they or someone close to them might need it one day.
Matt Barker, Founder and CEO of MPB, said, “Circularity should be a way of life but our research shows that this really isn’t the case when it comes to unused tech. There are opportunities online and on people’s doorsteps which allow them to give their unused items a new lease of life and they should grab them with both hands.”
He said, “camera kit is specifically built to last. Your old smartphone might not be much use to someone as a smartphone anymore, but if you’ve got an unused camera in your drawer then get it back into circulation so somebody can make the most of it. You also stand to make some cash and offset the cost of a new piece of kit in the process.”
MPB’s research shows the average US adult expects to spend $521 on tech each year. This means if they sold all of their unused tech, by their own estimates they could make enough money to pay for almost 5 years’ worth of new gadgets.
Matt Barker continued, “Consumers are already buying and selling used clothes, cars and furniture, and seeing the great gains to be made from this. We want to highlight to them that there are also huge savings to be made in tech too. Taking cameras as an example, the average MPB customer saves a third when they buy a used model from us, compared to if they had bought that same model new. Savvy shoppers are catching on to this but there are so many people still out of the loop.”
Following this survey, MPB created a report revealing the value of unused tech across the nation and the buying and selling behaviors of US consumers. To view the full report featuring further data and infographics visit: https://www.mpb.com/en-us/info/unused-tech-survey-us
MPB, alongside research provider CINT, produced an online survey completed by 13,000 adults across nine markets. Fieldwork took place in August 2022.
