Malcolm Knox has an interesting article in the SMH today, touching on some of the issues around local publishing and book imports, and how these impact on the price of books.
He points, out, rightly I think, that books are not an elastic commodity. If the price of books halves, we won’t necessarily buy twice as many books. What he doesn’t touch on is the reason for this: books require time. We consume books in proportion to the amount of time available to us to read, and the amount of time available will be subject to a value judgement as to the best use of time, by different people. As more demands are made on our time, we will read fewer books.
Knox’s article also completely ignored the second-hand book market. Unlike many other small commodities of similar price, books can be sold over and over again. The ABS reports:
Sales of almost 80 million new books valued at $1,406.5m were reported by the 1,572 employing businesses identified as having retail bookselling activity in 2003–04. The majority of businesses were newsagents (991 businesses), responsible for 6% (5.1 million) of the new books sold. Most new books (67% or 53.2 million) were sold by the 561 businesses classified as bookshops.
ABS Book Retailers Australia 2003-04
The ABS doesn’t seem to have statistics on the size of the second-hand book market, but I would be willing to bet that, in terms of the numbers of books sold, it would be of similar size to the new book market. After all, every second little country town has a second-hand bookshop. And second-hand books may be a more elastic commodity simply because they are not new and they are cheap. Personally I am much more likely to descend into a buying frenzy in a second-hand bookshop than in any other shop.
Anyway, what do you think? Does price influence your decision to buy a book? Would you buy more books if they were cheaper? What about second-hand books? And how much does influence does time available for reading have on your purchase decisions?
19 Jan: edited to add: David Marr makes an acerbic contribution.