New research from MPB, the world’s largest online platform to buy, sell and trade used photo and video kit, shows the UK population is sitting on a treasure trove of unused tech.
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. 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.
UK adults are sitting on £70 billion worth of unused devices
London, Northern Ireland and East Midlands can make the most from their unwanted tech. London tops the ladder with consumers sitting on unused gadgets valued higher than the average monthly salary of £2,402. Whilst across the East Midlands, 1 in 5 consumers are still holding on to camera equipment manufactured over 15 years ago.
More than half of UK adults have unused cameras in their homes
Over half of UK adults have admitted to having at least one unused camera in their home, with 22% having two or more.
Half of UK adults are sitting on a goldmine of gadgets worth over £1,300
When looking at how much the UK’s unused tech is worth, the average value belonging to consumers is estimated at £1,332.06. Despite how much consumers stand to make, only a third have sold an old piece of tech in the last 10 years, with 73% admitting they’ve never traded in an old gadget in order to get a new one.
Over half of Millennials and Gen Z hold on to £1,970 worth of tech
53% of these age groups say they have 10 or more unused tech items, Compared to 33% of 35–54-year-olds and 22% of over 55s that have 10 or more. The most common reason young people give for not selling their unused tech items is that they don’t think they will get much money for it.
Northern Ireland is the UK’s biggest tech hoarders with £2.6 billion worth of unused devices
Results revealed 95% of residents have at least one unused tech item in their home in Northern Ireland, more than any other UK region. Half have at least 10 unused gadgets lying around their home; trumping the national average of 36%.
Scotland spends the most on tech - splurging up to £24,152.94 in their lifetime
Scotland spends more on tech than any other UK nation, with 14% spending up to £600 each year. While 68% of residents agree that they find the cost of technology too expensive, 62% have not sold their unused tech items in the past 10 years.
The average UK adult spends £374.80 on tech each year
Our research shows the average UK adult expects to spend £374.80 on tech each year. This means if they sold all of their unused tech, by their own estimates they could get enough money to pay for three and a half years’ worth of new gadgets.
Only a third of UK adults have sold an old piece of tech in the past 10 years
Only a third (37%) have sold an old piece of tech in the last 10 years, with 73% admitting they’ve never traded in an old gadget in order to get a new one.
What could you get for your kit?
Curious? Get a free instant quote to find out what your kit is worth. If you already know what you’d like to buy in exchange, simply enter the model, pick a condition and we’ll work out any remaining balance. After free pick-up and free delivery, your upgrade is in your hands ready to shoot.
Why you should upgrade to used
On average, used kit from MPB costs a third less than new. So, by trading in your existing setup and spare kit at MPB, you could upgrade to a better model for a cheaper price than you may think. Each camera and lens is carefully checked to ensure perfect performance and comes with a free warranty, for peace of mind. Plus, get free delivery when you trade in.