More than 70% of Canadian gen-Zers have bought used tech in the past year
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Students heading back to college or university in September are increasingly turning to used computers and phones as they look to save a few dollars while costs climb.
More than 70 per cent of Canadian gen-Zers have bought used tech in the past year, compared to 63 per cent of the general population, according to a recent report by Best Buy Co. Inc.
Used tech refers to all open-box, trade-in or refurbished products. Best Buy said refurbished products offer about a 40 per cent discount off the same brand new model, while open-box items, which could be returned items or in-store displays, have an average discount of 28.3 per cent.
Among the gen-Zers who favoured used technology, cost was the main deciding factor for 81 per cent, while 44 per cent were concerned about reducing the environmental impact of new tech. The durability of these products is also a factor among 25 per cent of gen-Zers.
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Gen Z is also the most price-conscious demographic among Canadian tech shoppers, with 46 per cent of them spending $500 or less on tech last year.
Tuition for college students continues to climb, with Canadians paying US$5,590 per year for a bachelor’s degree, the third highest in the world behind the U.S. (US$9,596) and Japan (US$5,645), according to Education Data Initiative estimates published this month using data from 2023.