Permabanned
All valid points but you could also say that about the car industry. Most people can’t afford to buy a new car so they end up renting one or paying interest on a finance deal. Many cars will also last 15 or more years if you want it too but car manufacturers still get by.Like almost everyone here, you're considering only profit per sale and overlooking the fact that selling things far less often will also affect income. If a widget is replaced on average every 2 years the profit per sale needs to at least cover 2 years of costs (payroll, maintainence, etc). If a widget is replaced on average every 10 years the profit per sale needs to cover at least 10 years of costs.
I think there are only two ways to implement that sort of scheme that might possibly work:
1) A communist economy with goods produced by the state as a service to the people. A real communist economy, not the failed versions used in various authoritarian states that were allegedly trying to implement communism.
2) Most people not owning anything much, not even basic household items, because everything is much too expensive for most people to buy. Most people can't pay £1000 for a washing machine (and I think £1000 is probably too low an estimate of the cost of the cheapest washing machine under proposed changes). So most people would be locked into renting almost everything. Renting their TV. Renting their washing machine. Renting their boiler. Renting their carpets. Renting pretty much everything and paying a high price for it. The rent on a £1000 washing machine would be much higher than the rent on a £200 washing machine. That's so open to abuse that it would require such a degree of state control that you're pretty much back to a communist economy.
Maybe a communist economy would be better. Maybe it isn't impossible.
Don’t get me wrong you and others make many valid points and you can quite easily take what I say with a pinch of salt. The reality is this mass consumerism model is not sustainable over the long term, something will have to change somewhere, sometime.