Household expenditure on products of the information economy over the last 50 years - Falling prices and innovation fostering a consumption boom
Over the last fifty years households have increased their expenditure on the information economy, from 3.8% of their budget in 1960 to 6.0% in 2012. Half of this expenditure is pre-engaged. Within the information economy, the prices of goods have fallen and those of services have slowed. Combined with the regular arrival of new products, this phenomenon has led to a more sustained increase in volume expenditure on goods than on services. However, not all services are experiencing growth. Expenditure on publishing, particularly the press, has slipped back in volume over the last ten years, by an average of 1.5% each year (- 3.0% for the press). By 2012 it had fallen back to its level of 1990. Since 2008 however, expenditure on the information economy has declined.