When Toasters Meet Televisions: A Conceptual Study on Patterns in Durable Goods Consumption

Abstract

The consumption of durable goods has always been a symbol of aspirations of the people, lifestyles and economic growth. This is a conceptual paper, When Toasters Meet Televisions: A Conceptual Study on Patterns in Durable Goods Consumption, which attempts to examine the changing patterns and symbolic meaning of consumer durable goods. Durable goods, including the small appliances used in the kitchen (a toaster) and larger household purchases (a television), unlike the perishable or highly replaceable goods, act as indicators of the changing socio-economic status, levels of technology adoption, and culture. The focus of the research is on the interaction of need-based buying and aspiration consumption and also the effect of the technological convergence, brand loyalty, and consumer psychology in the ownership of the durable goods. By synthesizing the existing body of work, the paper conceptualizes the consumption trends in the categories, determines how digitalization and product innovation may be used to transform the demand, and outlines some new trends in consumer behavior. This work through its connection between the micro-utility approach to households and macroeconomic and sociocultural frameworks offers a background on which additional empirical research on the dynamics of durable goods consumption can be conducted.