Consumer goods are products that are purchased by individuals for personal use and consumption. These goods are typically categorized into three main types: durable goods, non-durable goods, and services.
Durable goods are items that have a long lifespan, often lasting three years or more, such as appliances, cars, and furniture. Non-durable goods, on the other hand, are items that are consumed quickly or have a short lifespan, like food, beverages, and toiletries. Services refer to intangible offerings that fulfill personal or household needs, such as haircuts, cleaning services, and education.
Consumer goods are essential in the economy as they directly reflect consumer demand and spending behavior. They play a crucial role in driving market trends and influencing overall economic health. These goods are typically sold in retail environments and are a significant focus for marketing and advertising strategies. The term highlights the products that cater to the needs and preferences of end-users rather than businesses or organizations.
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