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

submitted 2 months ago by MicroWave@lemmy.world to c/news@lemmy.world

144 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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[–] corsicanguppy@lemmy.ca 4 points 2 months ago* (last edited 2 months ago) (1 children)

S10 crew waits our turn to take up the flag.

[–] HellsBelle@sh.itjust.works 3 points 2 months ago

Galaxy Note 8 here. And it still works great.