Are technology gadgets taking most of our househole budget? According to recent studies, U.S. households spend $1,200 annually on consumer electronics. Home networks have increased significantly, and the average house has 25 different types of consumer electronics. The fastest-growing sectors are digital video recorders, network routers, MP3 players, cable modems, and digital cameras. In fact, teens spend about $350 a year on consumer electronics – half of their discretionary income – and adults with children spend up to $500 more per year than the national average.
Tech gadgets are depreciating assets
While new electronic gadgets are highly desirable and are often helpful, they also rapidly depreciate in value. In fact, most electronic devices lose value within two months of purchase, and then experience a slow drop over the next 12 months. This phenomenon is caused by the short product life cycle, saturated markets, and high demand for new technologies. It’s no surprise then that consumer demand for new tech gadgets is constantly on the rise. The technology industry, for example, is estimated to grow 3.2 percent this year, earning $321 billion in retail revenue.
New tech gadgets will continue to be popular for years to come, but that doesn’t mean that you must buy them. Remember that most technology gadgets depreciate in value over time, so you should plan for the purchase in your budget before you buy them. If possible, you may want to set up a sinking fund or a high-yield savings account to save money for the inevitable purchase.
If you own outdated technology, you can sell it for a low price before a new model is released. However, if you are not planning to sell your old gadget, you should wait until it’s no longer in production. If you’re planning to recycle it, you should make sure that it’s recycled as soon as possible. The sooner you recycle your gadgets, the better, as the value of the refurbished devices decreases exponentially.
A new gadget will always lose value – and they will only be worth half of what they cost when you buy them. However, if you buy a new gadget, it’s worth remembering that depreciation rates will vary depending on the brand. Remember, all good things must come to an end. Even new tech gadgets will depreciate at some point. And, the higher the value of new tech, the less it’s worth.
Americans are bludgeoning themselves with technology. They’re spending $1,200 per household annually, and constructing home networks to keep up with the latest gadgets. In fact, the average American household contains 25 different consumer electronics products. Among the top five fastest growing sectors are digital video recorders, cable modems, MP3 players and digital cameras. Teenagers, for instance, spend $350 per year on gadgets, which represents almost half of their discretionary income. Higher-income households spend up to $550 per year on technology gadgets.
They’re time consuming
Using time consuming technology gadgets is a trend among children. The prevalence of this trend varies among different socio-demographic groups. It has adversely affected the physical and mental health of secondary school students in Bangladesh. The use of these gadgets is increasing at a faster pace than children’s income. It is important for parents to limit their children’s usage of such gadgets and promote physical activities.
They’re not improving the economy
According to Pew Research Center, the vast majority of Americans rate their financial status as “good” or “excellent.” The last time that was true was in 2005. According to Gallup, most Americans were satisfied with the country they live in and confident in the lives of their children. Trump’s campaign slogan, “Make America Great Again,” seems to imply that people are not feeling that their lives are improving.
They’re harmful to physical and mental health
Technological gadgets are increasingly being used for various purposes, including work and entertainment. But there is a connection between the amount of time people spend using these gadgets and their physical health. For example, excessive use of digital cameras and video games can cause people to become isolated, especially if they have to spend long hours in front of them. Further, excessive use of gadgets can lead to problems such as insomnia and poor sleep.
Another study has shown a connection between the use of digital gadgets and socio-economic status, education, and gender. Technological gadget use is more common in urban students and females. In addition, access to relevant online facilities and easy availability of internet connection also affects the likelihood of using an electronic gadget. It is also notable that students of different socio-economic statuses use technology gadgets. And there is also an association between children’s use of these gadgets and their mental and physical health.
In this study, researchers looked at the association between socio-demographic variables and the use of digital gadgets, sedentary behavior, and the number of health problems. Participants were asked about the type of gadgets they used and the amount of time they spent daily using these devices in 2019 and 2020. The researchers also considered the participants’ age, gender, and physical problems when evaluating the relationship between gadget use and health problems. These electronic devices are also a source of serious musculoskeletal problems in people who spend excessive time on them. Overuse of digital gadgets leads to sedentary lifestyles and sedentary habits that increase the risk of developing diseases such as metabolic diseases. Overuse of digital gadgets also leads to increased snacking and obesity, while prolonged sitting increases the risk of back, neck, and eye strain.