How is price elasticity of demand for durable goods different from other goods?

How is price elasticity of demand for durable goods different from other goods?

The price elasticity of demand for durable goods is typically lower than that of other goods. This is because durable goods are often considered to be necessities or long-term investments, and consumers are less likely to be responsive to changes in their prices. Additionally, durable goods tend to have fewer close substitutes available in the market, further reducing the elasticity of demand.