All entries for Thursday 20 January 2005

January 20, 2005

News for consumers: Stuff is getting cheaper

Writing about web page http://news.bbc.co.uk/1/hi/business/4174587.stm

This interesting article from the BBC documents the extent to which durable goods are getting progressively thanks to competition and better technology, whilst significant gains in productivity have yet to be seen in the service sector. I remember thinking about this issue over Christmas after seeing a decent looking, Nokia mobile phone, on offer from the Carphone Warehouse for the grand sum of: £20. At such low prices, it's often tempting to buy items for the sake of it!

it is not just clothes that have been falling in price: new cars are 1.5% cheaper than they were in 1996; household appliances are 24% cheaper; toys are 30% cheaper, and of course, in the audio-visual category, you'll find things are on average now 56% cheaper than they were nine years ago.

As the article points out, it is often easier to replace broken items with newer, better specified models due to the growing chasm between the cost of replacement and the service costs associated with repair.

This is all great news for consumers and long may it continue.


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