We will start with consumer goods, which have become much more affordable in the last 20 years. Since 1998, television prices have dropped by nearly 97%, making them significantly cheaper than they have ever been. Other mass consumer goods, such as toys, computers, and cell phones, also have seen similar dramatic declines. These products are not just cheaper but are also more attractive. It has become almost impossible to buy a TV without a high-definition flat screen or a computer connected to the internet. You can buy cell phones, which are like miniature computers, and toys designed to stimulate your brain. These are all cheaper and better.
The price of several items hasn’t changed much. Apparel, household furnishings, and new cars have all remained relatively the same since 1998. With the advent of new technologies, cars have also become much better, just like televisions, cell phones, and computers. With adaptive cruise control, the vehicle can automatically adjust to traffic flow, and with lane assist, it will stay in its lane. Most new cars come with backup cameras as standard equipment, even though they are relatively new in automotive history.
Membership in a gym
People used in-home equipment and mobile apps to stay fit during the pandemic, which forced gyms to close and forced people to find alternative ways to stay fit. Around 50% of gym members say they don’t plan on renewing their memberships after the pandemic, according to a survey by CNBC. Many trainers offer free content on social media, and gyms such as Gold’s Gym and Planet Fitness offer free on-demand workouts to attract more clients.
The mortgage market
As of April 2021, mortgage rates have reached an all-time low. According to CNET, 15-year fixed and 30-year fixed rates both declined. For variable rates, the 5/1 adjustable rate mortgage also declined. While experts expect the mortgage rate to rise a little in 2021 because of the expected uptick in the economy, they do not expect the average rate to exceed 4%. According to Freddie Mac, the average 30-year fixed mortgage rate in April 2021 was 3.17%.
There are three types of books and audiobooks
Incentives and rewards are offered to users by many stores and restaurants that have apps. Audible, owned by Amazon, offers free audiobooks, kids’ books, and novels as well as adult books. The Libby app allows users to borrow e-books from their local libraries, usually for free. Users sign in with their library cards to borrow e-books.
Fast food
Despite not being the healthiest loyalty perks, fast food chains like Chick-fil-A and McDonald’s offer their app users freebies. In addition to ice cream cones and Chick-n-Minis, each Chick-fil-A mobile order helps you earn a complimentary treat. App users receive free items each week that change, such as a free breakfast sandwich when they order a McCafe and $2 off when they order over $10.
Hotels are also on the list
The U.S. hotel industry suffered its worst year ever in 2020 due to the pandemic, according to NPR. The American Hotel & Lodging Association (AHLA) predicts the hotel industry won’t improve until 2024, as revenue per available room dropped nearly 48 percent. To stimulate business travelers as well as leisure seekers, hotels will continue to keep their prices low. The hotel industry generates 60% to 65% of its revenue from business travel, but meetings have gone virtual during the pandemic, and with business travel still down 85% in 2021, the AHLA predicts that it will still be a declining industry in 2021.
The television
It has been decades since televisions became cheaper. According to the New York Times, increased production caused an oversupply in 2011, forcing manufacturers and retailers to lower prices. According to the Bureau of Labor Statistics, the average price of TVs dropped almost 20% between 2018 and 2019.
According to Nielsen data, people are spending more time on their phones than watching TV, so there’s fewer reasons manufacturers will be able to price them high since the demand for actual TVs is down. Also, manufacturers are earning revenues in other ways, such as through advertising. Almost all new TVs are smart TVs, which have either built-in software from the manufacturer or third parties such as Roku. From the software and third parties, TV manufacturers earn a portion of the advertising revenue.
Solar panels are another option.
As a result of improved manufacturing, increased plant size, and economic incentives, solar panels are becoming less expensive, according to a study published in the journal Energy Policy by Kavlak, McNerney, and Trancik, 2018. In the past decade, solar equipment prices have dropped by 89%, and they are predicted to continue to do so until 2050, according to The Solar Nerd.
In the event of the expiration and non-renewal of federal rebates and incentives, the cost of installing solar technology is expected to increase. The Solar Nerd states that pricing trends will vary from state to state, but in 2019 the median price of a solar installation was $24,000, a 50% drop from 1999. Go solar now, and you’ll see your returns sooner.
