The Work-from-Home culture (WFH), which began in the pandemic period, was instrumental in increasing the demand for electronic products and mobile phones over the past two years. All assets, which appreciate such as old land properties and precious metals, are sold and purchased freely by individuals without any worrying. However, people are skeptical when purchasing assets with depreciating property involving new technologies.
Even the market for used cars has gained a higher mark on the market graph due to trusted intermediaries.
During Covid-19 lockdowns, while meeting the requirement for work-from-home (WFH) and online classes by students, the demand for electronic products has seen a huge increase. However, keeping the high expense involved in purchasing new technology, it has been observed that people in the market has raised a demand for refurbished and unboxed mobile phones and other electronic products.
Xtracover CEO Somitra Gupt, while summarizing the demand situation in the market, has stated that the pandemic period has taught the general people to save money; hence, each family and household is involved in prone to more planning of their personal finances.
The year 2021 has witnessed the buyers preferring to purchase refurbished products rather than buying a mobile phone with new technology if the option helps them save some extra money.
The Work-from-Home culture has increased the total market of mobile phones and electronic products which are used to produce income while working at home. The increase in the sale of electronic devices in both new electronic devices and refurbished products has seen substantial growth while calculating the sales in the entire pandemic period.
Generally, the urban population prefers new products in the electronic market, but even the consumers from urban areas are now interested in refurbished products. An individual can save 50 per cent of his personal expenses while purchasing a refurbished phone. However, cost or expense is not only the factor that promotes the sales of refurbished phones. The knowledge of the refurbishment team, the end product workmanship, good quality of spare parts included in the refurbishment and lastly, the warranty offered by the refurbishment electronic device seller.
Consumers with high yearning values and not having a huge budget turns towards refurbished products when all the above factors are present.
Purchasing expensive devices on EMI is a good alternative, but the added interest rates increase the price of the product, which once again tends to move the customers towards the refurbished market where they get a good product even though refurbished but are satisfied with the good product finishing, a low price, and a good warranty as stated by CEO Xtracover.