Tangible products that can be stored or inventoried and that have an average life of less than three years. Related terms: durable goods, services, structures.
Products, usually consumer items, that have a short useful life. In the United States the criterion is a life of three years or less. Such items are usually purchased as needed.
Also known as “soft goods” because they include items manufactured or provided by wholesalers that generally last for only a short period of time (three years or less).