Understanding The Value Of Time For Consumers

A shopper was once shopping for a bag; and after hours of searching online, he found one that he liked that was valued at $19. As affordable as it was, to have it shipped in from Europe though would cost an additional $45. 

Understandably hesitant about paying more than twice the retail value of the product just to have it imported, he searched for local stores that carried the bag. He found one that would require him to go out of his way for about an hour. 

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“Is an hour of one’s time worth $45?” This is an example of the time versus money dilemma that almost every consumer faces when they pay for products or services. 

Many economic researchers have devised means of measuring the monetary value of time. And what they agree on is that time spent on non-income-generating or even meaningless activities, such as waiting, queuing, commuting, and walking around while shopping, can be considered wasted time. 

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This is the reason airlines have offered nonstop flights for significantly higher fares. It is also the logic behind the success and popularity of online commerce, and other time-saving services. Businesses have also invested a lot of resources on increasing the efficiency of the delivery of their products and services to show that they also value the time of their customers.

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