Let’s face it, we all want the latest products on the market. Maybe it’s the newest iPhone, Cannon camera, or Fitbit watch. Either way, we’ve definitely been tempted to drop a couple hundred dollars by seeing what our peers have, or watching that flashy commercial showcasing the features of the latest and greatest device.
The demand for consumer goods steadily expands each year. Consumer electronics alone continues to be one of the fastest growing industries in 2019. In fact, revenue in this segment grew by over $330,000 this year alone. By breaking that number down, the average consumer in the US spends almost $200 a year on new tech. Additionally, consumers are shifting the way they spend money on goods by trying to save and only investing in long-lasting products.