Samsung launches smartphone refurbishment business, raising hopes for improved quality of second-hand products and market expansion (Korea)

Demand for refurbished smartphone products is on the rise. In particular, Samsung Electronics has launched a refurbishment business in South Korea, which is expected to lead to improved quality and market growth.
According to Hong Kong research firm Counterpoint Research, the global refurbished product market is expected to grow 4% year-on-year in 2023.
The company said, "Due to the global economic downturn and the shortening of smartphone replacement cycles, people are choosing to purchase higher-priced smartphones rather than buying new ones.
"The number of consumers who buy cheap second-hand products is increasing," he said. The number of businesses specializing in refurbished products has also increased. Many businesses even offer free repair guarantee services for more than one year.
Unlike the time when second-hand goods were sold by non-specialized businesses or through private transactions, there is now a greater trust in refurbished products.
"Samsung Electronics has started a refurbished product business in Korea, and is working on quality certification and price verification," said Kang Min-soo, a senior researcher at Counterpoint Research.
The price of refurbished Galaxy products has been controlled, preventing a significant drop in the second-hand prices compared to iPhones, and increasing the value of Galaxy products.
This will have the effect of boosting sales of new products and products."