However it's not the consumerist mentality driven by increased buying power - it's sheer economic sense - the time and effort is way better spent, economically speaking - by simply replacing. It's the lower price of goods that drive this thing.
My fridge broke the other week. I called the repairman who quoted a repair bill that was 10% MORE EXPENSIVE then buying a new fridge. Simply the time of the repair shop and the transportation from home to shop and back was more expensive them just buying a new fridge, chucking out the older one, and calling it a day.
My grandparents, nah, my parents would be horrified by throwing up a "nearly" good fridge. To me, it makes economic sense.