Running a phone shop in 2022The UK is ramping up the cost of living, ruthlessly. Inflation is soaring across the world, but it seems like we are being hit from all angles. The cap on energy costs is about to be increased. The government are increasing taxes, and interest rates could follow. And food and fuel prices - well...
Economically, we are just starting to really feel the effects of Covid and Brexit, which have squeezed the supply of goods and labour. The government did dig pretty deep to support us during the pandemic, and are looking to repair the damage quickly.
Honestly, it's bleak and concerning times for a lot of people, households, and businesses.
Usually, tough economic times cause an increase in demand for repair, and a correlative decrease in demand for new products and luxury goods, as people seek to cut unnecessary costs. This is the case for electronics, utilities, transport, fashion etc.
For us, this might look like an increase in people getting their batteries replaced, rather than upgrading their phone, tablet or laptop. We'd also expect to see an increase in demand for £200 devices - iPhone 7's & 8's, and Samsung Galaxy A-range phones, but a decrease in demand for £400 devices - iPhone 11's and Samsung Galaxy S-range phones.
Most technological gains at the consumer level are pretty marginal year-to-year. In our opinion, most if not all devices released since 2016; by one of the major manufacturers, is sufficient and capable for the vast majority of users. Hence, we continue to aim to extend the product life cycle, for its environmental and economic benefits.
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