How to save money on the purchase of electronic gadgets in 2022

Mobile phones and electronic products have seen increasing demand over the past couple of years, especially those that support the work-from-home culture.

While old land holdings and precious metals are sold and bought freely, people are skeptical about buying depreciating assets involving technology. Lately, with the involvement of trusted intermediaries, transactions involving used cars have gained momentum.

Recently, to meet the requirement to work from home (WFH) and online classes during the Covid-19 shutdowns, the demand for refurbished or unboxed electronic gadgets has also seen a surge.

“Every family and household is involved in financial planning to save money, and that’s crucial. In 2021, we’ve seen many people switch from buying new products to owning refurbished products to save extra money. Cell phones and electronic products have seen a growing demand over the past couple of years, especially those that support the work-from-home culture. However, people have also realized the value of savings. As a result, there has been a spike in the sale of new electronics and refurbished products. We have seen substantial growth in refurbished devices,” said Soumitra Gupt, CEO of Xtracover.

“While people in both urban and rural areas prefer new products in general, we have seen that consumers are now increasingly interested in buying refurbished or unboxed products. Why? Refurbished phones can save up to 50% of the cost of buying a new phone, but it’s not just the cost that becomes a factor – the quality of the refurbishment, the manufacturing or the knowledge base/ the know-how of the refurbishment team, the quality of the spare parts used for the refurbishment and what kind of warranty is the seller willing to offer on the refurbished product – all of these factors constitute a good proposition for a consumer with high ambition value but on a limited budget,” he added.

How digitalization is changing the savings and investment behavior of individuals

Cheaper prices compared to new products and the involvement of well-known companies in offering refurbished versions of their gadgets have also triggered the surge in demand.

“The pandemic has taught us a lot, especially about the importance of saving money. Buying expensive things on EMI is an alternative, but it usually comes with an additional interest rate. When purchasing a product, one tends to look for alternative products available at a lower price. For example, it’s like buying a lower or older version of the latest device launched by a major brand to make a significant saving on the purchase. But when choosing an alternative is not an option, one can turn to refurbished marketplaces that offer refurbished or unboxed products at a relatively lower price with a warranty,” Gupt said.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest Biz news and updates.