Nattie K., Gillian M., Rachel G., Priya T.
Definiton of Consumer Goods
Consumer Goods are goods that can be bought and directly used by the consumer.
Eamples of Durable Goods, Nondurable Goods, and Services
Durable goods: Used by millions of people in everyday life and are used for a long period of time Examples: furniture, vehicles, toys
Non-durable goods: Opposite of durable goods so they are immediately consumed in one use or have a life span of less than 3 years Examples: gasoline, food, beverages
Services: Actions or an action someone does for you and the outcome of human efforts to meet the wants and needs of people Examples: airline companies, hotels, resturants
Examples in the Local Marketplace
Durable goods: Pottery Barn, Toys R Us, Koons Ford Dealership, Barnes and Noble
Non-durable goods: Giant, Fresh Market, Trader Joe's, Sunoco
Services: Southerwest Airlines, Marriott Hotels, The Cheescake Factory, Chima
How Consumer Goods Impact the Economy
Consumer goods are factors that drive the economy, because demand for consumer goods creates the need for manufacturing and production, powers retail, and creates jobs. Also, when the supply increases demand decreases, and when demand increases supply decreases, which also impacts the economy.
The Importance of Consumer Goods
Consumer goods are very important because they help asses gross domestic product and help determine the health of the overall economy.
Analysis and Summary of the Article
In this article, it discusses how sales have fallen in a downturn because of largely growing competition within the store's own brands, "private labels," which cost less. Many analysts have been investing these problems, and are afraid they won't come back to the original products, and are beginning to brainstorm ways to bring back the consumers. I think this is very unfortunate, but since the private labels are cheaper, and people nowadays are searching for deals, I agree with the consumers that this is very ideal to their lifestyles.