7 Things That Are Much Cheaper Now Than They Used To Be

  • 1950s family watching TV
1950s family watching TV
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Author Nicole Villeneuve

June 19, 2024

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Despite what feels like the constantly rising costs of modern life, the prices of some essential commodities such as gas and eggs have actually remained relatively stable compared to dollar values and wages in the past. Other items, meanwhile, have actually become much cheaper over time, even when accounting for inflation. Innovations in technology, increased competition, and improvements in manufacturing and logistics are most often the reason for these surprising price drops. Here are seven everyday items that are much cheaper now than they were in decades past.

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Clothing

In the mid-20th century, the average American family spent about 10% to 12% of their household income on clothing. Today, that figure has dropped to around 3%. It’s not because people are buying less: The average person buys about 70 new apparel items a year, compared to approximately 25 items per person in 1960. So why are people spending so much less?

Starting in the 1970s and into the 1990s, most U.S. clothing production moved overseas, where labor costs are lower and production output is higher. Those savings were passed onto consumers, and as fast-fashion brands proliferated, Americans had more options at lower prices than ever before. According to data from the U.S. Bureau of Labor Statistics, on average, a woman’s dress cost $50 in 1960. Adjusted for inflation, that’s about $530 today — not unheard of, but far above prices at the most popular clothing retailers today.

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What Did a House Cost During the Baby Boom?

  • 1950s housing development
1950s housing development
Credit: ClassicStock/ Archive Photos via Getty Images
Author Mark DeJoy

April 24, 2024

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The baby boom was a global increase in the number of births in the years following the end of World War II. In the United States, the time frame is generally defined as between 1946 and 1964, when around 76 million people were born. It coincided with a period of economic prosperity that also saw a boom in home ownership. Census data shows that 43.6% of Americans owned a home in 1940; by 1960, that number rose to 61.9%, an increase of more than 18%. We took a look at the average cost of a house during this boom time, using data from the U.S. Census Bureau and inflation calculations from the U.S. Department of Labor’s Consumer Price Index. 

The 1950s

Credit: H. Armstrong Roberts/ClassicStock/ Archive Photos via Getty Images

At the onset of the baby boom, the housing stock was still in a state of stagnation due to the wartime conservation of building materials. As a result, in 1947, 6 million households saw families sharing living space with extended relatives, and approximately 500,000 households were living in make-do spaces such as detached garages, trailers, or otherwise temporary housing. But a few key programs reshaped the housing market: the Servicemen’s Readjustment Act (better known as the GI Bill), Veterans Administration (VA) home loans, and the already-established Federal Housing Authority (FHA).

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The Most Successful Ad Campaigns of All Time

  • Dove soap bar
Dove soap bar
Akshay Bandre/ Unsplash
Author Anne T. Donahue

January 25, 2024

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In a world inundated with ads, it’s rare for one to become an indelible part of the cultural landscape. As modern advertising evolved from its 17th-century print origins, it grew into an art form that entrenched itself in popular culture and changed the relationship between company and consumer. Yet amid the sea of print ads, commercials, and social media campaigns that have launched over the years, a few outliers have managed to stand out from the crowd, lodging themselves in the collective consciousness and successfully changing the conversation. These five iconic ads are generally considered among the most successful ad campaigns of all time.

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Nike: “Just Do It”

In 1988, the advertising agency Wieden+Kennedy debuted the “Just Do It” campaign, and catapulted Nike into the realm of cultural iconicism. Written by agency co-founder Dan Wieden, the slogan debuted in a TV spot for what was then a relatively small sportswear company. The empowering catchphrase was intentionally open-ended, and sought to capitalize on the decade’s enthusiasm for self-determinization and personal achievement. The idea for those three little words has a darker origin, however. The phrase was adapted from the last words uttered by convicted killer Gary Gilmore, who, shortly before his execution by firing squad, said, “Let’s do it.” Wieden and his collaborators swapped out a word, and the rest is history.

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The Rise of Plastic: A History of Credit Cards

  • Credit card for payment
Credit card for payment
Nattakorn_Maneerat/ Shutterstock
Author Anne T. Donahue

January 12, 2024

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When the credit card was introduced in 1950, the American public was already well acquainted with buying on credit, through personal loans and store credit accounts. But the introduction of the Diners Club card, the first modern charge card, made spending even more convenient: Customers could use their club cards at a variety of restaurants, and pay the balance at the end of the month. A cashless approach to consumption began.

By the end of the ’50s, most Americans had embraced the concept of buying now and paying later. In 1958, the Bank of America in California launched the BankAmericard, the first general-purpose credit card that could be used wherever it was accepted. It also introduced a key feature of modern credit cards: Unlike with the Diners Club card, customers could carry a balance into the following month, provided they paid the amount of interest accumulated. By 1966, the practice had become commonplace as more states licensed the BankAmericard, which was rebranded as Visa in 1970. Here are five fascinating facts about the history of credit cards.

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Women Couldn’t Have Their Own Credit Cards Until 1974

As late as the mid-1970s, women were put through a demeaning gauntlet when applying for a credit card. Married women were only issued cards under their husband’s name, and single women needed a male family member to act as co-signer. Even if a woman was able to make payments on her sole income, she could still be denied credit, effectively crippling her financial prospects. In a major step toward gender equality, the Supreme Court ruled in 1971 that assigning more financial power to men than women simply on the basis of sex was unconstitutional, violating the Equal Protection Clause of the 14th Amendment. The case laid the groundwork for the Equal Credit Opportunity Act passed in 1974, which stated that people could not be denied credit based on gender, religion, or race.

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6 Facts About the Vanderbilts and Rockefellers

  • The Biltmore Estate
The Biltmore Estate
Smith Collection/Gado/ Archive Photos via Getty Images
Author Nicole Villeneuve

September 21, 2023

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The United States may not have a royal family, but it has a number of influential family dynasties that have intrigued the public for centuries. Two families in particular, the Vanderbilts and the Rockefellers, are household names whose self-made fortunes made them two of the richest and most powerful American families in history. The Vanderbilts, led by Cornelius Vanderbilt’s railroad empire, amassed staggering wealth during the Gilded Age in the late 19th century. The Rockefellers, meanwhile, propelled by John D. Rockefeller’s dominance of the oil industry, made a large impact with their philanthropy and preservation. Although their ascendence is similar, their legacies ended up looking a little bit different in the end.

Rockefeller and Vanderbilt’s massive business ventures not only amassed them unprecedented personal wealth, but boosted the country’s industrial economy. At the same time, their reputations as “robber barons” emerged, amid criticisms that their successes came at the expense of fair competition, workers’ rights, and ethical standards. At the time, many Americans were living in poverty, a stark contrast to the glitzy guise of the Gilded Age that these wealthy families propped up.

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John D. Rockefeller Was America’s First Billionaire

A century before Bill Gates and Jeff Bezos, there was John D. Rockefeller. When he was just 12 years old in rural New York, Rockefeller loaned a neighbor $50 of his own hard-earned money. When he received it back the next year with interest, he decided at that moment to let his money work for him instead of the other way around. This foresight and financial acumen lasted him a lifetime, helping him shape the landscape of American business and become the country’s first billionaire. 

Trained and working as a bookkeeper by 16 years old, Rockefeller started his own company in agricultural trade within a few years. Through that business, he decided that the true future of industry was in moving raw materials, and at 24 years old, he moved into the oil business. Rockefeller went on to pioneer the American oil industry by founding Standard Oil (later dissolved into Exxon, Chevron, and more). Although his business practices faced their fair share of accusations and criticisms over the years — including colluding to control the price of oil and creating a monopoly by buying competing refineries — Rockefeller amassed an unprecedented $1.4 billion net worth by the time of his death in 1937 (almost $30 billion today). As much as he made, he gave plenty away, too — his philanthropic gifts over the years totaled $530 million.

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Cornelius Vanderbilt Had Virtually No Education

He’s a towering figure in American business history, but Cornelius Vanderbilt had little formal education. Born the fourth of nine children in Staten Island, New York, in 1794, Vanderbilt was pulled out of school to work on his father’s shipping boat when he was just 11 years old. By the time he was 16, “the Commodore,” as he became known, had bought his own boat to ferry cargo around the New York Harbor. He got a job in the steamship industry and eventually went into business for himself. 

Vanderbilt’s aggressive professional approach helped him accrue wealth quickly, and in the 1840s, he built the first of many large homes the family owned in New York (and elsewhere). When the California gold rush struck, Vanderbilt saw an opportunity: He launched a shorter steamship route from New York to San Francisco than had previously existed. It was an instant success, earning more than $1 million in one year (that’s almost $40 million today). Around this time, Vanderbilt also began to manage the railroads that connected textile mills on the East Coast to shipping ports. The shipping tycoon with no formal education also became a railroad tycoon. 

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