We’re in the midst of one of the worst economic meltdowns in recent history. Stock prices are plummeting, banks are failing, and the cost of food and gas is skyrocketing. So what are people doing to survive this crisis?
Buying flat-panel TVs, apparently.
And not just TVs, either. According to the Consumer Electronics Association, sales of videogames, cell phones, laptops and GPS units are thriving, despite the nasty economic climate. The CEA suggests that this is a result of people spending less on travel and other luxuries and more on gadgets, which provide longer-lasting entertainment.
“Consumers are cocooning; hunkering down,” according the Shawn DuBravac, a CEA economist, “and since they are not traveling to see grandma this holiday season, they might as well be able to talk to her on the mobile telephone of their choice.”
So how about it? Has the economy affected your gadget-buying habits, or are you one of the iPhone-buying, grandma-neglecting masses? Let us know after the break.