South Korea-based electronics giant Samsung Electronics is planning to sell refurbished phones in its domestic market. However, it has not yet announced a concrete launch date.
The company’s plans were revealed by Kang Bong-koo, vice president of Samsung Electronics Korea, who was appearing as a witness at a National Assembly audit of the Ministry of Science, Technology, Information and Communications.
The company already sells refurbished phones in the U.S., the U.K. and France.
Samsung’s refurbished smartphones have new displays, batteries and packaging. These “like-new” products are priced 30% less than a new phone, on average, according to the company.
Apple has long offered certified refurbished products, and Bong-koo said that Samsung hopes that selling refurbished phones will help to protect the reputation of its Galaxy brand.
With the price of new smartphones reaching KRW2.0 million KRW ($1,480 U.S.) in the country, a growing number of local consumers are interested in buying secondhand phones.
About ten million used smartphones worth a total of around KRW2.0 trillion were sold in the country last year, Korea Economic Daily reports. At the moment, these are mainly purchased via marketplaces like Daangn or from dedicated refurbishers like Mintit.