(Washington) A survey shows that Americans are increasingly valuing their old belongings, with the average lifespan of smartphones and electronic devices in the US growing longer. While consumers and businesses may save money in the short term by extending device lifespan, it could be detrimental to the economy in the long run.
According to the survey conducted by the review website Reviews.org, American users now use their phones for an average of 29 months before replacing them, far exceeding the 22 months in 2016.
Factors contributing to the extended lifespan of American electronic products include rising prices and concerns about sustainability. Many individuals and businesses, especially small businesses, cannot afford the cost of constantly upgrading their equipment.
However, Newman University's Dean of Business, Benabes, points out: "Extending the lifespan of devices may seem beneficial to the economy or the environment, but the hidden costs are a subtle erosion of economic vitality and competitiveness."
A research report released last month by the Federal Reserve shows that for every year businesses delay upgrading their equipment, productivity decreases by approximately 0.3 percentage points.
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To maintain compatibility with older devices, national and corporate communication and internet infrastructure often has to operate at slower speeds. “Businesses and individuals are trying to make older hardware handle modern workloads…this leads to decreased productivity,” notes Atwal, CEO of The Big Phone Store in the UK. “Older technologies have slow processors, outdated software, and aging batteries, wasting energy and damaging employee morale.”
A workplace survey last year showed that 24% of people had to work overtime due to technological obsolescence. 88% believed that technological backwardness stifles innovation. However, many are unwilling to abandon their familiar old devices and learn to use new ones.
Experts predict that as technology advances at an astonishing pace, the lifespan of electronic devices will further increase. Mitchell, a 69-year-old retiree who has used her Samsung phone for six years, told CNBC, “I usually wait until I absolutely have to change my phone. This is my fifth phone in 26 years.”
