How long will consumers delay purchasing? Until the day we die? We can’t wait forever. Time is our most precious commodity.
To put it another way: i can’t wait until tomorrow to buy my food. I need to eat today. The same reasoning applies to lots of other things: I need a place to live today. I need clothes today. I need transportation today. Etc.
Even frivolous things: I want entertainment today. The alternative would be to make frivolous purchases … when? Never?
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That’s insightful. Maybe economists would say what you did as demand-inelastic goods and services would be purchased as-usual when needed.
Demand-elastic goods and services are what make me scratch my head. Maybe we’d rent those instead of buying.
Mind-bending!