New Shopping Trends Prove That the Economy Has Little to Do With Our Appetite for Buying
It seemed the recent financial crisis did little to curb spending trends in the U.S. In fact, shopping continues to soar at alarming rates – despite more people working for less money these days. According to industry experts, buying trends are seen as a necessity these days – as opposed to just treating yourself and your loved ones. While certain areas have seen strong decreases in spending, the essentials areas surely have not. With the advent of digital and wireless technologies, more people are also spending more on consumer electronics than other items and accessories.
What are People buying more of?
Many Americans are buying more phones, laptops, tablets, and accessories than even before. In fact, a recent study showed that over 63% of consumer sales in electronics revolved around i-phones and Android devices. This is an increase of 12% since late 2015 – and people are not buying as many digital cameras and accessories as before. This is due to built-in cameras in phones and devices that offer better DPI and resolution than traditional SLR units. Reports also indicate that people are purchasing more digital televisions, HD sets, and services like Apple TV. In fact, many Americans have cancelled their cable services in favor of digital television – which can be accessed by a range of devices in the home or office.
What are People buying less of?
While consumers are spending more on electronics – they are definitely spending less on entertainment. In fact, movie ticket sales continue to plummet across the world. Even with cinemas offering more personalized experiences, including better food selections and cozier seating – their ticket prices continue to rise. As a result, families are bypassing theaters in favor of watching movies and TV shows right from the comfort of their homes. Again, services like Apple TV, Hulu, and YouTube can easily be streamed to home TVS, iphones, ipads, and tablets for a complete home entertainment experience. People are also not eating out as much as they used to. This has resulted in several restaurants, including Joe’s Crab Shack to shut their doors. With fewer people eating at restaurants, families are able to save money on buy items that they really need.
Recession- Proof Spending
While buying trends continue to change, the constants remain the same. People are spending less on gas – even with record low gas prices. They are also eating healthier and using their money for things they really need right now. With this in mind, it does not appear like the recent fiscal crisis has thwarted necessity and essential spending. While some incorporate entertainment costs into their budgets, not all families are concerned about having a good time outdoors. Again, this all goes back to burgeoning technologies, which have given them a platform to do and handle everything they need. This includes work, budgeting, entertainment, and even schoolwork for kids and teens.