Despite the average age of cars in use increasing by 10% between 2013 and 2022, and household appliances lasting 2% longer from 2019 to 2023, consumer purchase volumes for durable goods have more than tripled since 2000, according to Deloitte. Consumers are actively acquiring a greater quantity of durable goods, challenging the notion that increased product longevity should reduce consumption.
Products are designed to last longer and consumers are living healthier, extended lives, yet overall consumption volumes and spending on both durables and services continue to surge. This tension between enhanced durability and amplified market activity is driven by evolving consumer priorities.
The emerging longevity economy will likely not lead to a simple reduction in consumption. Instead, it signals a complex shift towards higher-value, more durable goods alongside a significant expansion in service-based spending, demanding a re-evaluation of market strategies.
The average age of cars in use increased by 10% from 2013 to 2022, according to the European Environment Agency (eea). While this might suggest reduced new car purchases, consumer purchase volumes for durables have more than tripled since 2000, according to Deloitte. This unexpected trend reveals a deeper shift in consumer behavior, challenging conventional notions of sustainability and economic growth; longevity does not equate to less buying.
Consumers are keeping individual items longer while simultaneously acquiring more durable goods overall. This implies product longevity is becoming a baseline expectation for quality, which paradoxically frees up consumer spending for additional purchases or upgrades. Affordability, coupled with a desire for new features or lifestyle enhancements, drives this dual consumption pattern where durability is a given, not a limiter.
Companies focused solely on product longevity miss the larger opportunity presented by a longevity economy prioritizing frequent upgrades and diverse consumption. The market is not contracting; it is evolving to meet demands for lasting products alongside variety, innovation, and adaptability to changing life stages or technological improvements.
