Waiting for the cable guy is costing us $38 billion

November 3, 2011: 5:40 AM ET
waiting-for-cable-guy.ju.top.jpg

NEW YORK (CNNMoney) -- Sitting on your couch for hours waiting for the cable guy, a kitchen cabinet delivery or Internet technician to show up is not only frustrating, it's a huge waste of money.

Time spent waiting for in-home services and appointments cost American workers $37.7 billion in 2011, according to an IBOPE Zogby poll of more than 1,000 adults conducted on behalf of cloud-computing software company TOA Technologies.

Nearly three-quarters of respondents (72%) perceived the cost of one hour of their time to be worth more than $15 an hour, with the average consumer losing close to $250 last year waiting to show up at their home.

More than half, or 58%, of Americans said they waited for in-home appointments in the past year, for an average of four and a half hours. The average number of times they waited last year was about three.

America's new financial values

Tally up all of those hours waiting around for the doorbell to ring and it's the equivalent to every single working American losing two full days of work per year, said Yuval Brisker, CEO of TOA Technologies.

It's a significant hit, especially for lower income Americans. More than a quarter of Americans said they lost wages from waiting for appointments, and 50% said they used a sick day or vacation day, according to the poll.

Who keeps us waiting the longest? It may not come as that big of a surprise but the vast majority of Americans, or 57%, say they spent the most time waiting for the cable guy. Other appointments that kept respondents waiting included Internet service and repair, furniture delivery, computer repair and phone services.

Points for punctuality went to healthcare workers and online grocery store delivery services.

Cable companies and furniture delivery shops should take note: Long wait times are bad for business. About 70% of respondents said they would recommend a company simply because a representative was on time. But only 43% would recommend a company if they have to wait an extra 15 minutes for someone to show up, and the number one reason customers think companies aren't showing up on time is that they "don't care about my time."

The study found that companies lose an average of $330 for each customer who decides to stop doing business with them, based on how much money respondents said they spent with each company per month. To top of page

Most Popular
Europe debt crisis and jobs numbers to drive stocks
 
Farmers hit the jackpot in Kansas oil boom
 
Postal Service offers $15,000 buyouts to 45,000 mail handlers
 
Apple to DOJ: Bite me
 
Summer gas prices - as good as they'll get
 
Just the Facts
How big is our big deficit?

What measures -- spending cuts, tax hikes, or both -- are needed to tame the budget deficit? Money magazine looks at how we got here and how big our debt really is.

What you need to know about the budget

Politicians are arguing fiercely over the proper size of the government. Money magazine looks at the facts -- how much we spend and what we spend it on.

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.80%
15 yr fixed3.09%3.11%
5/1 ARM2.65%2.69%
30 yr refi3.77%3.86%
15 yr refi3.09%3.21%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Hot List
CEOs who served their country

FedEx's Fred Smith did 2 tours of duty in Vietnam as a Marine. Meet 10 Fortune 500 executives who served in the U.S. military.  More

Farmer power forces Big Oil bidding war 

Group of farmers in southern Kansas pool their land to more than double their money from an oil company for their mineral rights. Play

6 great Memorial Day car deals

Here are some hot tips if you're going out car-shopping this weekend. More

Build your own mail-order home

This 150-square-foot home can be shipped anywhere and then assembled like Ikea furniture. More

How we got our jobs after college

Many Class of 2012 grads find themselves without work. But those who landed jobs say internships are key. More

CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.