Excerpt From 'The Art of Choosing'
An investigation into how we make decisions
As the years have passed, the challenges posed by choice, both to customers and to managers, have only grown. In 1994, the year I had my first inkling that there might be such a thing as too much choice, over 500,000 different consumer goods were already available in the United States. By 2003, the number had increased to nearly 700,000, an upward trend that shows no signs of letting up. Technological advances frequently introduce new categories of products into our lives. Some of them — cell phones, computers, digital cameras — become indispensable, and soon enough the options proliferate. Just as importantly, not only are there more goods on the market, there are more ways to get at them. The typical supermarket, which carried 3,750 different items in 1949, now boasts some 45,000 items. Walmart and other "big-box" retailers offer smorgasbords of over 100,000 products to Americans in just about every part of the country. And if you don't find what you're looking for within a few blocks, you'll certainly find it with a few clicks. The Internet extends your reach well beyond local venues, providing access to the 100,000 DVDs on Netflix.com, 24 million books (and millions of other products) on Amazon.com, and 15 million singles on Match.com.