Which goods are expected to last for more than three years and are often bought with credit?

These are known as durable goods. These are expensive items that are not purchased frequently and can last for several years—like cars, refrigerators, air-conditioners, or washing machines. In the Philippines, many middle-income families buy durable goods through installment plans. For example, a tricycle driver might buy a motorcycle on a “12 months to pay” basis from a local appliance center. The sale of these durable goods is an important part of the economy because it shows confidence in long-term spending. If more people are buying durable goods, it usually means they are hopeful about the future.

Answered by Sefton | 2025-05-22