Consumers are entering a new-age problem brought on by technology–too much money, but not enough time in the day. Granted, consumers are not complaining about having too much money; instead, they are lamenting over where the time has gone.
There is a paradoxical relationship with time and money that has long existed. Typically, when you’re young, you have time but not money. When you’re middle-aged and working, you have more money, but not time. Yet, when you’re old, you often have money and time. These need states, coupled with technological advancements, have always provided business opportunities—and we are now seeing a thriving technology-led, third-party service/subscription industry evolve. This industry dips its toe into the waters of every product category from fashion to food, shaving to ride-sharing, and health to home. The ripples through retail lead one to ask, what is the value of time for shoppers today?
In this edition of The Checkout, you will learn about:
- Which resources do people consider scarcer: time or money?
- How do shoppers make trade-offs between money and time?
- Is there a discrepancy between how people want to spend their free time versus how they actually spend their free time?
- What are the obstacles on the path to purchasing a third-party service/subscription?
To read more about what shoppers are willing to pay for in exchange for more time in their day, download the latest issue of The Checkout here.
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