Home > slashdot > Consumers Buy Less Tech Stuff, Keep It Longer

Consumers Buy Less Tech Stuff, Keep It Longer

February 27th, 2011 02:27 admin Leave a comment Go to comments

The Almighty Buck

Hugh Pickens writes writes “The NY Times reports that there are indications that a sea change is taking place in consumer behavior as a result of the great recession: Americans are buying less tech stuff and making it last longer (reg. may be required). Although in many cases the difference is mere months, economists and consumers say the approach may outlast a full recovery and the return of easy credit, because of the strong impression the downturn has made on consumers. For example Patti Hauseman stuck with her five-year-old Apple computer until it started making odd whirring noises and occasionally malfunctioning before she bought a new computer for Christmas — actually, a refurbished one. ‘A week later, the old one died. We timed it pretty well,’ says Hauseman, adding that it was not so much that she could not afford new things, but that the last few years of economic turmoil had left her feeling that she could be stealing from her future by throwing away goods that still had value. Consumers are holding onto new cars for a record 63.9 months, up 4.5 months from a year ago and 14 percent since the end of 2008, according one research firm. Industry analysts also report that people on average are waiting 18 months to upgrade their cellphones, up from every 16 months just a few years ago. ‘We’re not going back to a time of our grandmothers’ tales of what they kept and how they used things so carefully,’ says Nancy F. Koehn, a professor at the Harvard Business School and a historian of consumer behavior. ‘But we’ll see a consistent inching or trudging towards that.’”

Source: Consumers Buy Less Tech Stuff, Keep It Longer

Related Articles:

  1. Forrester Forecasts One Third Of U.S. Online Consumers Will Own A Tablet By 2015
  2. What Will It Take For Mobile Payments to Be Embraced By Consumers?
  3. Women and Tech: Focus On Female Consumers And The Founders Will Follow
  4. 87% Of Connected Consumers Prefer Websites & Mobile Sites Over Apps
  5. Survey Says: US Consumers Most Unhappy With Facebook
blog comments powered by Disqus
YOYOYOOYOYOYO