What type of goods are described as having a lifespan of more than three years?

Durable goods are defined as items that have a long lifespan, typically lasting more than three years. These are products that are not immediately consumed and can be used repeatedly over time, such as appliances, vehicles, and furniture. The durability of these goods contrasts with nondurable goods, which are expected to be used up quickly or have a short shelf life, and intermediate goods, which are used in the production of other goods but are not final consumer products. Household production refers to goods and services produced within the home for personal use, rather than the longevity of the goods themselves. Durable goods, therefore, serve as significant indicators of consumer spending and economic health, as they often involve larger investments and are influenced by factors such as consumer confidence and economic conditions.