A "lifetime guarantee" does not mean for the buyer's entire lifetime. It means for the "intended lifetime of the product".
True, but it's a very deceptive (I wonder why? /s) naming convention. If the product has a 7 year lifetime, call it a 7 year warranty!
The issue is further confused by upstanding companies who honour the warranty for as long as you own the product (even after discontinuation), and taken advantage of by these shady companies who refuse to honour the warranty after 1 year.
So some "lifetime warranties" are
True, but it's a very deceptive (I wonder why? /s) naming convention. If the product has a 7 year lifetime, call it a 7 year warranty!
I mean, that's what I would do. But sadly, unscrupulous people exist, and so we have to use caution when we engage in these kinds of transactions.
We don't have to let them engage in unscrupulous practices. We have laws against lying in ads, for example, and consumer protection agencies exist in most countries with varying degrees of protection.
An example in many US states is the Uniform Act. The deceptive trade practices prohibited by the Uniform Act can be roughly subdivided into conduct involving either a) unfair or fraudulent business practice and b) untrue or misleading advertising. The Uniform Act contains a private remedy with attorneys fees for prevailing parties where the losing party "willfully engaged in the trade practice knowing it to be deceptive".
Such a legal setup shouldn't trigger the anti regulation people because it's merely a legal bias which, if the consumer pursues the matter civilly, gives legal redress against nefarious businesses.
Whether it works in practice is another matter. It would be easy to reverse the bias by ruling in court that consumers should be knowledgeable about misleading claims and the legal specifics of vague advertising terms.
The lifetime guarantee is probably one of the most misunderstood things in the entire world, because a lot of people have heard it and don't know what it really means; it seems, by the contents of the call at the end of the video, this gentlemen misunderstood it as well.
A "lifetime guarantee" does not mean for the buyer's entire lifetime. It means for the "intended lifetime of the product". So, If I buy a blender that's expect to last for 7 years, the "lifetime guarantee" of that blender only applies for the 7 years after I purchase it - beyond that, it is beyond the covered "lifetime" of the product, and therefore no longer in warranty.
While I don't have a personal issue with the idea, I wish companies were not so deceptive with their advertising, as many no doubt rely on this common misconception to make their warranty sound better than it really is.