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137

Americans are holding onto devices longer than ever and it’s costing the economy (www.cnbc.com)

submitted 9 hours ago by MicroWave@lemmy.world to c/news@lemmy.world

94 comments fedilink hide all child comments

The average American now holds onto their smartphone for 29 months, according to a recent survey by Reviews.org, and that cycle is getting longer. The average was around 22 months in 2016.

While squeezing as much life out of your device as possible may save money in the short run, especially amid widespread fears about the strength of the consumer and job market, it might cost the economy in the long run, especially when device hoarding occurs at the level of corporations.

Research released by the Federal Reserve last month concludes that each additional year companies delay upgrading equipment results in a productivity decline of about one-third of a percent, with investment patterns accounting for approximately 55% of productivity gaps between advanced economies. The good news: businesses in the U.S. are generally quicker to reinvest in replacing aging equipment. The Federal Reserve report shows that if European productivity had matched U.S. investment patterns starting in 2000, the productivity gap between the U.S and European economic heavyweights would have been reduced by 29 percent for the U.K., 35 percent for France, and 101% for Germany.

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[–] OR3X@lemmy.world 36 points 8 hours ago (1 children)

Yeah, no shit. No one wants to buy a new $1200 phone that does the exact same shit as the last $1200 phone.

[–] SaveTheTuaHawk@lemmy.ca 27 points 8 hours ago (1 children)

Phones peaked around 2012. Now they are more cameras. If they had user replaceable batteries like 20 years ago no one would need to replace them.

Institutions and businesses need to stop the 2 year cycle on phones.

[–] partial_accumen@lemmy.world 3 points 6 hours ago

Phones peaked around 2012. Now they are more cameras.

Folding phones only came out about 5 years ago, but I bought it used and true to the article my current folding phone is over 24 months with no plans on it being replaced.