How do economic conditions/consumer economic conditions affect consumer behavior, as well as the decisions that are related to the marketing function?
1) income inequality:- poors having income, demands less in the market and in contrast, rich people demand more.
2) the definition of luxury, normal and giffen goods is a subjective concept. The definition of these goods for poors is far different from definition of these goods for rich.
3) marginal propensity to consume for poors are much more than MPC for rich.
4) elasticity of demand of any good for rich is much less than elasticity of demand of any good for poors.
Hence, consumer economic conditions affect consumer behaviour.
How do economic conditions/consumer economic conditions affect consumer behavior, as well as the decisions that are...
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