The Economics Home - A Study of The Consumer Market


The Economics Home; discover the consumer market
A Consumer Market

The Economics Home - A Study of The Consumer Market


Learn about the study of the consumer market in the economics home. [1] A consumer market is a pursuit of selling goods and services to people. To which; the consumer drives the economy, this is not to be confused with a customer. Although their meanings are intertwined, they are used based on context. For example, a customer is an individual that purchases goods or services from a company. Whereas; a consumer is consuming the goods or services, not strictly a purchaser.


In a consumer market, it is evident that what is so attractive about consumption isn't just the thrill of purchase and using their items in of itself; the psychological implication is a matter of social status and material possession, with identity being the principal cursor. Find out who holds the bragging rights for the largest consumer market and is covid a driving change.


"The theory of Economics must begin with a correct theory of consumption." - William Stanley Jevons

United States Flag used to identify America as the largest consumer market.
United States Flag

Who Is The Largest Consumer Market?


According to Select USA, the united states has the largest consumer market with a GDP of $20 trillion and 325 million people. It accounts for more than a quarter of global household consumption. And, what are Americans consuming the most? Based on the Bureau of Labor statistics, food is the highest household consumption in the United States, averaging $7,923 annually. However, American consumption isn't strictly defined by the good or service.

Demographic, Psychographic, Behavioralistic, and Geographic subgroups provide consumer distinctions. [2] These distinctions are used for marketing purposes to help bring businesses to scale. Successfully, anyone can market a product online and reap the fruits of their labor. It benefits young entrepreneur-minded individuals that are willing to navigate the consumer market and make a little money or a lot. Although; marketing is consistently evolving, the trick is to learn the new trades.


technology integration as a result of covid-19
Technology Integration

How Is Covid a Driving Change?


We've already seen what the united states economy looks like when it collapses. With the recent Covid Epidemic; and a shift in social norms, it's proven to be detrimental psychologically. But what about economically? Economically speaking, it brought business to scale like never before. Noting; an increase in revenue for companies like Amazon, Tesla, and Apple.


Another shift in consumer marketing is worth mentioning like, the increase in funding start-ups for young entrepreneurs backed by venture capitalists and educational institutions. Additionally, companies are investing their revenue into project plans geared towards educating the public with free courses to develop skill sets. Developing skills are pillars in consumer market economies; more money means more spending.


Conclusion


We've learned about the fundamental differences between a customer and a consumer, consumer subgroups, and covid's driving change in the economy. For better or for worse, the united states is saturated with consumerism. Its fate lay in the hands of access, disruption in information distribution, and the willingness of the consumer itself. We can't help but wonder, how am I contributing to consumer marketing? Am I selling, or am I consuming? Or both? Like every economy, we each have a part to play. The question is, who's part are you playing?


Follow along, speak your opinion, and do not be shy.


If you have questions about the content or are interested in future blogs, comment below and post to stay engaged.


Or, if economics isn't your cup of tea, look out for posts and self-improvement, anthropology, and poetry.



13 views0 comments

Recent Posts

See All