Second-quarter reports indicate that Americans have changed their spending priorities from appliances to new and improved electronics.
- Rather than purchasing appliances and clothing, Americans now tend to put their money toward new electronics and in their savings.
- Electronics are constantly evolving to become newer, cooler and better–causing an incentive to buy the latest items.
- Some clothing retailers, such as American Eagle Outfitters and Macy’s, are giving consumers electronic incentives to buy apparel (like giving away smartphones).
Facts & Figures
- Sales of televisions, computers, video and telephone equipment grew 1.8% in the first six months of 2010.
- Spending on appliances decreased 3.6% and spending on furniture decreased 11%.
- The U.S. savings rate increased to 6.4% from May to June.
- In the first 6 months of 2010, Americans spent $534 billion on durable goods, up 5.9% from last year.
Best Quote
“But who needs to buy more ties? I mean, come on, I have a great computer.” -Spence Witten, 27-year-old consumer
Tags: apparel, appliances, computers, consumer, economy, Electronics, gadgets, sales, technology, televisions