How much more value did that car in 1960 provide than one in 1903? It cost nearly the average American household’s yearly income.
Yup. Stuff is better now. The price point of a car has stayed roughly the same fraction of average annual income but you get much much more for the money.
I have in my pocket something that provides more gaming power than was available in the complete video arcade of my college, can show me more movies than my complete collection of VHS tapes ever did, plays an unending variety of music, can do complex calculations that my first HP calculator with reverse Polish notation (!) never could do, can monitor my heart rate, calculate my vagal tone, count my steps, locate me in time and space, give me directions for a safe but short path to where I want to go on my bike … and also happens to work as a phone. And I might just toss it out for a new model in a bit.
In my early childhood, before our household got a washer and a drier, my mom used a clothes mangle, which wasn’t cheap itself in relative terms, and then put the clothes out to dry on a line. Do you have any idea how dangerous those mangles were?
How about experiences? Air travel- in 1965 80% of Americans had never flown in a plane and in “1974, it was illegal for an airline to charge less than $1,442 in inflation-adjusted dollars for a flight between New York City and Los Angeles” … now flying across the country and across the ocean is taken for granted and that cross country flight can be had for a fraction of the cost. Fatal accidents per million flights were an order of magnitude greater in 1977 than now.
How to estimate how much better and huger a host of today’s stuff is?
I agree with you TriPolar, the fact that we now have things and experiences that no amount of money could have gotten before and that some of that which previously would have been considered priceless is now relatively dirt cheap, is fun to appreciate but is not really of importance to what we spend on and how little we save.
Exapno Mapcase make up your mind. Do you want to talk about personal savings and expenditures or the combination of the public and the personal? If the latter then you have to count “spending” by way of the government doing it for us via taxation along with “savings” by way of the government forcing us to by way of SSI. Count with consistency.
Your provided cites (good stuff if actually read) are the sources that state that the needs for savings in retirement are up nine-fold with private plus savings for retirement up (thanks to SSI taxation counting) but not at all close to that level and that even counting SSI “savings” aggregate savings are mostly flat, and that state that not even counting healthcare we have at best shifted from spending on food and clothes to transportation and housing, and that the healthcare costs paid by our employers and via taxation really are us spending and should count, even if they do not show up n their color wheels.
If you want to dispute what your cites say, well bring something that disproves them.
The fact that I am often purchasing goods and services in each bucket that never existed before at any price and that of those that did previously exist are often much better for less money is irrelevant. Today’s big buckets of transportation and housing and healthcare are as much “necessities” as the food and clothing bucket was, and take up as much to substantially more (if we count “public spending” by way compensation in the form of insurance and government taxation being sent for us, just as much as we count SSI as “pubic savings”) of the total than food and clothing did. Counting that “public savings” the “average American” has shifted savings into a retirement bucket (not counting that is saving little at all), is spending more on status items, and is living with little buffer. In terms of wealth fewer have as much (albeit a very few have a lot more).
So again to the op, yes in recent decades the historically marginalized and becoming marginalized are spending to signify “not poor” more, at the expense of economic security, not only making themselves even less wealthy but sometimes leaving them with housing and even food insecurity. If that is what is meant by “consumer culture” in the op then indeed something is not as it has always been. That status signifying makes a bad circumstance even worse as psychologically understandable as it is. And I think that TriPolar’s suspicion that income inequality has something to do with driving that is on to something, but more so the visibility of the conspicuous consumption of others.
More buying of emotional attachment though? No. More low cost, not status-laden time spent interacting to gain attachment if anything.