Over the past two decades, the cost of many everyday items has increased, making some basic necessities more expensive than ever. However, not all trends follow this pattern—certain luxuries that were once considered out of reach have become far more affordable. This shift has transformed what were once exclusive items into accessible parts of everyday life. This article explores some of the formerly high-priced luxuries that are now more within reach than they were 20 years ago.
Internet Access
With widespread competition among internet providers, pricing for broadband has gone down. New government policies and improved infrastructure have expanded internet access for the public, and the fact that it’s now readily available has meant providers have had to lower their prices.
Electric Vehicles
CarEdge writes, “Why are EV prices dropping? Tesla keeps slashing prices, in turn launching an all-out price war with the competition.” Tesla is the main provider of electric vehicles, so if they’re lowering costs, then so is everyone else. A reason for this could be due to advancements in battery technology, which help lower the initial cost.
LED Light Bulbs
Thanks to technological advancements, prices for LED light bulbs have dropped considerably. LED bulbs are now mass-produced and are much more energy efficient, which also makes them more cost-effective, especially over time. An increase in environmental awareness has helped to drive demand for LED bulbs, further reducing prices.
Flat-Screen TVs
Flat-screen TVs are now mass-produced and this has caused their value to drop. There have also been advancements in display technology, with many TVs now having OLED and QLED screens, which has caused an increase in demand. The increase has caused more competition among brands, creating a shift in pricing.
Solar Panels
Over the past 20 years, we’ve seen solar panels plummet in value. One reason for this is that advancements in technology are increasing production. As a way to encourage people to purchase solar panels, there have also been government subsidies and incentives to help the world become more sustainable.
Streaming Services
With so many streaming services now available, it’s caused a huge increase in competition, with some brands offering extremely low prices and deals. Nowadays, you can even bundle streaming options with your mobile phone plan. Many brands also offer their streaming service at no cost for the first few months.
Fast Fashion
The fast fashion industry has made trendy clothes much more accessible. For example, Sustain Your Style writes, “The drop in garment prices over the last 20 years has allowed us to buy more and more clothes. We now have 5 times more clothes than our grandparents had.”
E-Books and Digital Publications
The shift from physical books to digital copies has meant many production and distribution costs have been eliminated, so copies can be sold at much lower prices. There are even subscription options for digital libraries, which offer unlimited access to books at a low price point.
Fitness Trackers
Fitness tracking has now been integrated into smartphones, which has caused standalone devices to drop in value. The market for fitness trackers is also incredibly saturated, creating a high level of competition. Advancements in sensor technology have also made fitness tracking more accessible, so their cost has had to go down.
Home Automation Devices
Smart home devices have become much more affordable, thanks to the growth of technology. Competition between brands has caused market prices to plummet in the past twenty years. There’s also been a rise in DIY smart home solutions, which has made these devices much more accessible and without the need for professional installation.
Air Travel
Air travel has seen a huge price drop in the past 20 years. This is supported by Business Insider, which writes, “The reasoning behind this is that competition has been driving fares down and airlines are struggling to make a profit—despite packing people into economy like livestock.”
Online Education
With an increase in the number of online courses readily available, it’s made education much more accessible and affordable, causing brands to compete. Virtual learning has helped to eliminate the need for physical education, and with zero need for classroom materials, it’s helped to lower the cost.
Gourmet Coffee and Coffee Makers
The popularity of home coffee brewing and gourmet coffee has led to competitive pricing regarding coffee machines and accessories. There are now subscription services for coffee beans, making gourmet coffee much more affordable. There wouldn’t have been subscription services available 20 years ago, as gourmet coffee was seen as a luxury.
Home Entertainment Systems
Thanks to the introduction of streaming services, entertainment is now available at a fraction of the cost compared to 20 years ago. The shift from physical media to streaming services has caused home entertainment systems to stop being a luxury. There have also been technological improvements regarding TVs and sound systems, causing their value to go down.
Mobile Phones
Early smartphones were considered luxury items 20 years ago. Thanks to the development of technology, they’ve now become everyday, affordable items. The competitive market has made high-quality phones readily available to a wide audience, causing a significant price reduction for older models.
Personal Computers
24/7 Wall St. writes that in 2004, the Sony VAIO PCV-V200G cost a huge £1,300. Today, you can purchase a personal computer for under £500. This is due to the rise of budget-friendly brands that are still able to offer high-quality products. Also, cloud software has meant there’s little need for external storage like hard drives.
Digital Cameras
Thanks to the development of smartphones, digital cameras have had to plummet in price. Nowadays, nearly every phone has a camera, and this has caused less demand for standalones. These technological advancements have made professional features more accessible, creating less of a need to purchase digital cameras.
Batteries for Electronics
The price of batteries has dramatically declined due to an increase in production and the development of technology. Many technological advancements have improved battery life, making them much more efficient and cost-effective. There are also rechargeable batteries available, which helps to lower costs.