It is familiar for many of us to be struck by a sudden memory of a toy, TV series, or game from our childhoods. We might suddenly remember a fun hand-held game, a collectible found in a bag of cereal, or a cartoon with a main character we rooted for every afternoon after school. For some of us, however, this feeling of nostalgia is followed by a feeling of shock. As we do a quick Google search to find anyone selling a second-hand version of this nostalgic item, we are soon surprised to see its price many decades after its release.
When browsing eBay and other second-hand sites, it becomes apparent that these low-value, common items from yesteryear have garnered a collectible status. But why are these retro items so expensive? This article will investigate the factors that put a high price on retro goods, as well as the factors that make us willing to pay for them.
The Power of Nostalgia
There are many people in this world who love the newest thing. They enjoy the ease of buying from online catalogues, same-day delivery from Amazon, self-checkout, and virtual dressing rooms. These people embrace innovation rather than nostalgia. Yet, even in their modern preferences, there’s a growing fascination with retro aesthetics, especially in online entertainment.
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However, many of us born in the latter half of the 20th century experience a type of longing for the days when things were much easier. This longing is called nostalgia. Nostalgia has been a powerful force maintaining the second-hand market of retro goods. For people who grew up in the 70s, 80s, and 90s, there are items that strongly connect to the way they grew up, which are simply not around anymore. Records and cassette tapes have distinctive sounds that remind us of a time before things were complicated. We also love the grainy, hazy, and saturated look of film photography, an aesthetic that is always associated with fond memories.
Nostalgia forges an emotional connection between the individual and their experiences of growing up, especially for those who bond playing games like D&D. This emotional connection is then transferred onto the goods being sold on the vintage market. This deep and strong emotional connection drives the value of goods and raises the price people are willing to pay to own them.
However, there is a secondary factor, too. Nostalgia can also give status to certain items. Just the same way as a comprehensive Pokedex would have won you major brownie points on the playground, these days having a retro gaming console or a big record collection can make a serious impression on your peers. These retro items are encoded with a value based on your emotional connections to the item, and this is true for your friends, too! This means owning retro items can boost your social standing and build stronger relationships.
The Economics of Supply and Demand
Some 90’s kids might remember when Frito-Lay was doing a massive, worldwide promotion using little metal disks called Tazos. At the time, whenever you would open up a new pack of chips, you would always first dig out the round, golden treasure and pop it in your mouth to lick off all the flavouring. After that, you would add it to your collection and use it to play against others to win their Tazos.
Let’s be honest: at the time, we were drowning in Tazos. Everyone had piles of them at home, and many people had many doubles of the same character. However, that was when there was a supplier producing and distributing Tazos, and this is no longer the case. What this means is that there is now a finite supply of these vintage products. When a supply is smaller and the demand is higher, this means that the price of the product goes up. Complete Tazo collections now sell on eBay for hundreds of dollars, when at the time of their distribution, they were totally free! Supply and demand thus also have a huge effect on the price of retro items.
Quality and Craftsmanship
We often hear older people bemoan the quality of items made today. It’s true that since the phenomenon of globalization made it easier to buy less expensive products, the strength of the dollar makes it easy for the average consumer to replace things that break. What this means is that there is no incentive to build good, quality products that stand the test of time.
In the home appliance and furniture market, retro items stand out for their sturdy materials and craftsmanship. Their timeless appeal attracts both design enthusiasts and sustainability-minded buyers, many of whom are happy to pay more for beautifully refurbished pieces.