The second hand phone market in Singapore is always huge. But have you ever wondered why this is so? With the price of smartphones going down over the years, does it still make sense to buy a second hand phone?
Well, if there is no demand, there'll be no supply. Apparently, many people in Singapore still think that buying a second hand phone still make sense. But why? Few reasons that I could think of.
First, Singaporeans are curious breed of people. They like to try everything new, even though they know they are risk of getting disappointed. One good example is the long queues that we always see when big brands or franchisees make their launch in Singapore. Singaporeans are willing to stand in queue just to experience being the first to try. The same curiosity is one factor that lead to the flourishing second hand phone market. I have bumped into people who changes his phone every month. Amazing right? But that is true.
Second, being a tiny island, Singaporeans often have limited options when it comes to exploring their hobbies. Gadget has become one of the favourite past-time activity among Singaporeans. In fact, gadget is considered to be one of the cheapest form of hobby among Singaporeans. But of course some may argue otherwise. With the exception of gadgets that cost thousands of dollars - such as home speaker systems, most gadgets are below the $299 mass market price point.
Third, Singapore is a regional hub in South East Asia. Being more affluent that its neighbours, the living standard in Singapore is higher compared to the rest of the cities in Asia. Many electronic products in Singapore are being shipped to the neighbouring developing cities like Jakarta, Batam, Johor etc. This creates a demand for resale markets in products such as smartphones.
Fourth, what makes us all human is the unique perspective that we have on the very same world that we live in. What we see as junk may be seen as treasure by others. Most Singaporeans like things new. For example, it is a common practice in Singapore for car owners to dump their cars every 3-5 years and buy new cars. Yet, there are certain breed of the population who like to drive second hand cars. To them, price dictates everything. These breed of people are the pragmatist and price-conscious. The same practice is happening to the mobile phone segment. There are the crazy ones who are willing to sacrifice their pocket money just to be the first on the fast-moving train of gadget innovation.
I'm sure you can think of many other reasons why people are buying second hand phones in Singapore. Share your thought in the comments below. Now that rumours about iPhone 5 coming to Singapore is reaching a deafening pitch, are you thinking of selling your iPhone 4 or 4S? Or are you one of those who are eagerly waiting for the price of iPhone 4S to drop before grabbing one?
