New data from giffgaff shows that if every adult planning to buy a new phone this year opted for a refurbished device the UK could save a collective £4.5 billion, however, the mobile network says common misconceptions are still holding consumers back from big savings.
The mobile network giffgaff says its research shows that UK consumers stand to save on average £204 by opting for a refurbished mobile phone over its brand-new counterpart, which it says means the nation could be sitting on savings of £4.5 billion each year.
As part of the research, giffgaff says it also found that 66% of Britons are concerned about mobile phone costs, with 33% saying price rises are impacting their stress levels. To mitigate this, 62% plan to track budgets and spending more closely.
38% of people say they’ll opt for second hand or refurbished items to save money.
The research also says refurbished mobile phones could save Britons £204, with savings reaching up to £500 on some models. As well as cash savings, giffgaff says that each refurbished phone saves around 50 kg of carbon – the equivalent of carbon captured by planting two trees.
The mobile network says there are still common misconceptions when it comes to moving away from picking a brand-new device; giffgaff’s research shows 55% of people believe refurbished phones tend to be older models, and 37% think refurbished devices have poor battery life and no warranty.
33% of respondents believe that refurbished phones won’t last very long.
giffgaff CEO, Ash Schofield, said: “At a time when lots of people are really feeling the rising cost of living, refurbished devices can be a great option. You still get that new phone feeling, without breaking the bank.
“Our research shows that whilst a number of people see refurb tech as a viable option, quite a few are still missing out on the savings because of outdated misconceptions. But £200 is a big saving.
“So we want to bust these myths – about battery life, outdated models, and lower quality devices – and help the nation manage their finances to get more of what they want and need.”