What is a durable consumer good?

A durable consumer good is defined as a product that has a long lifespan and can be used over an extended period of time without needing to be replaced. This includes items such as cars, appliances, and furniture, which are designed to withstand repeated use and last several years. The key characteristic of durable goods is their longevity; they do not get consumed or quickly used up and provide utility across many years.

In contrast, items that are consumed immediately do not fit this definition, as they are designed for short-term use. Similarly, while it is true that many durable goods can be expensive, price is not the defining factor for durability. Lastly, the frequent change or replacement of a good typically applies to non-durable goods, such as food and toiletries, which are used up quickly and need regular repurchasing. Therefore, the most accurate characterization of durable consumer goods revolves around their long lifespan.