Can you recall any example?
Cheaper or costly? Items that have sunk or raised in price over the years
Image: Sora Shimazaki
There was a time when lobster was a cheap, poor man’s dish. And there was also a time when air flights were only for the wealthy. But not anymore. Countless products’ prices have gone up or down over the years. Things that once were very exclusive and expensive became accessible due to their production methods. And many things that used to be cheaper are now harder to come by due to scarcity or marketing tactics. Take a look at the following 10 examples of such situations.
1
Clothing (cheaper)
Image: Nick de Partee
Back in the mid-20th century, average American families spent about 10% to 12% of their household income on clothing. That figure has dropped to around 3%. That is not because people buy fewer clothes but because the prices have dropped significantly over the last decades.
Starting about fifty years ago, most U.S. clothing production moved overseas, where labor costs are lower and production output is higher . Those savings were passed onto consumers, and as fast-fashion brands proliferated, Americans had more options at lower prices than ever before.
2
Magazines (more expensive)
Image: Rhamely
While younger generations will not remember this, 25 years ago, magazines were an Internet of sorts : it was the quickest way to access information and color pictures of any subject you were interested in. Magazines were a ubiquitous item, sold everywhere at modest prices. Since the World Wide Web came along, magazines became less important and less demanded products.
If you have bought magazines lately or have inquired about their price, you might be surprised to discover how pricey these items have become.
3
Bananas (cheaper)
Image: John Vid
Believe it or not, back in the day, bananas used to be quite an expensive fruit. These days, this product is one of the cheapest and most popular fruits in the supermarket but when it first became available in the U.S., following the Civil War, it was sold for about 10 cents a piece — that’s about $3 per banana today.
The price of tropical fruit has hovered between 50 and 60 cents per pound for the last 20 years — a significant drop from its early cost. Despite being imported from faraway places and requiring cooling containers, banana sellers produce only one variety, the Cavendish, meaning the fruit can be harvested in abundant volumes and ripened at the same time .
4
Concert tickets (more expensive)
Image: Nainoa Shizuru
There was a time when going to a concert was a pretty accessible event. The ticket prices were low, even for well-known artists. But then, a couple of big players came along into the business and the prices skyrocketed like never before . Besides the ticket price itself, the service charge and taxes make for a hefty sum, not affordable by everyone anymore.
5
Television sets (cheaper)
Image: Peter Geo
It’s a well-known fact that as technology improves and becomes more efficient, prices come down. However, one consumer electronics category stands out from the rest for its drastic price cuts: televisions. The first color TV set debuted in 1954 with a $1000 price tag , and a 15" screen. According to the U.S. Bureau of Labor Statistics’ inflation calculator, that would be more than $11,600 today.
Compare that number to a 65-inch, high-definition smart TV that might cost around $500 in today’s dollars and the price drop is nothing short of amazing.
6
Car insurance (more expensive)
Image: Herson Rodriguez
Car insurance was never the cheapest service in the world, but it used to be a much more accessible price, with options for every pocket. In recent decades, auto insurance premiums have been steadily climbing , making car ownership a more exclusive deal altogether than it used to be.
7
Air flight tickets (cheaper)
Image: Suhyeon Choi
Yes, it may feel like airline ticket prices have surged in recent years due to airport taxes and fuel prices, but if we look at the price evolution over the last decades, we can see that tickets have become much more affordable than before .
Commercial air travel used to be a luxurious experience available only to the wealthy. In 1941, an average flight from Los Angeles to Boston would have cost more than $5,000 in today’s money. These days, a one-way flight from Los Angeles to Boston commonly costs around $300.
8
Fast Food (more expensive)
Image: Kenny Eliason
Getting a burger with fries and a soda for a couple of dollars was a standard deal back in the day, but not anymore. Fast food prices have steadily increased in the last few decades , making the tag for a standard menu almost the same and sometimes even more expensive than a meal at a regular restaurant.
9
Washing machines (cheaper)
Image: engin akyurt
In the same way that TVs have dropped the price, most other appliances have gone down the same path, and washing machines are no exception . These devices, an invaluable addition to modern life, have changed significantly from the 1950s to today.
In 1959, a Kenmore washer was advertised for $209.95. Today, that amount inflates to more than $2,200, which is a $1,600 difference from a basic $500 to $600 top-loading Kenmore machine today.
10
Prescription medicine (more expensive)
Image: Haley Lawrence
Healthcare costs in America have been a complicated problem for years. Not just health insurance but also essential medicines have been raising their prices steadily for a very long time.
It can’t be said that medicines used to be cheap but definitely were far more accessible than these days.
