The PayWall St. Journal has the story, Tech Gadgets Steal Sales From Appliances, Clothes, here. Gist: Technology is getting more of our dollar than it ever has. Where does that money come from? All the other useless crap we used to buy.
Americans are spending more on electronics like iPads and flat-screen televisions and less on durable goods like furniture, washing machines and lawn mowers, according to government data released Tuesday…
Since September 2009, the 27-year-old has spent about $8,000 on new electronics. Among his buys are Apple’s iPhone 4, MacBook Pro, iPad and iPod. He also bought a Blu-ray video player and a $2,000 stereo system.
Apparel executives say the iPhone in particular has become an ornament in its own right. “It’s a new fashion accessory, there’s no doubt about it,” said Richard Dickson, CEO of branded businesses at Jones Apparel Group Inc., which includes Jones New York, Nine West and Anne Klein.
Besides, electronics, the other area gaining ground by 6.4% in June? Savings.
U.S. savings rate ticked up to 6.4% in June from the previous month, its highest point in a year and far above its pre-recession level.
Best news I’ve heard all week.