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Originally Posted by opendoor
This doesn't really jive with reality. Sure they didn't have personal computers or portable phones in the '70s, because those things didn't exist. Just like people in the '30s didn't have televisions in their home.
So yeah, they didn't spend as much money on coffee from a cafe, but they also spent a lot more on things like cigarettes and alcohol. And people didn't travel as often, but when they did they spent far, far more than they do today to get where they were going and the end result was that overall travel spending hasn't changed too much.
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Nope. Oh, and cigarettes and alcohol were much cheaper.
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The fact is, in the 1970s people spent a far higher proportion of their income on consumer goods and services than they do now and that's indisputable. The largest increases in expenses since than have occurred in things like housing, health care, education, and financial services/insurance. Not a lot of discretionary spending in there so I don't really buy the idea that people are choosing to live more lavishly now compared to the 1970s.
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Well, if you don't buy it, then I guess it isn't true.
But there is really no comparison to life now vs the 70s. Standards of living have changed so much in so many ways.