Why was there a spurt in the purchase of electronic goods in the US?
CBSE Class 10
CBSE Class 10 Social
2018-03-06 14:04:26 UTC
Mass production lowered costs and prices of engineered goods. Due to higher wages, more workers could now afford to purchase durable consumer goods such as cars.
Along with boom in car production, there was a spurt in the purchase of refrigerators, washing machines, radios, gramophone players, although the system of hire purchase i.e., credit repaid in weekly or monthly instalments.
The demand for these goods was also fuelled by a boom in house construction and home ownership, financed once again by loans.