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Cheaper gadgets means more to spend on critical illness cover

Date: Mon, 08 May 2006

It is estimated that the cost of high-tech gadgets have fallen by more than 50 per cent over the past ten years, reports a new study.

Figures from Egg's Retail Therapy Index reveal that the cost of gadgets has decreased dramatically and could mean many households have more income to spend on important financial products such as critical illness cover.

The cost of audio-visual equipment such as televisions and hi-fi systems has fallen by 14.1 over the past year and a total of 74 per cent over the last decade, whilst electrical appliances have dropped in price by 5.3 per cent over the past 12 months and 27 per cent since 1996.

Alison Wright, Egg chief marketing officer, said: "As consumers turn from tradition to technology it appears that their buying power goes from strength to strength."

"Our Retail Therapy Index indicates that over the past decade the prices of non-essential items – such as recreation and leisure – have only grown by 0.5 per cent, despite a 29 per cent rise in overall UK prices."

"No other area has seen such dramatic price shifts as audio-visual items."


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