Jordan Brooks

Jordan Brooks
A view of partially empty supermarket shelves indicating high consumer demand or supply issues.

What Factors Impact a Change in the Consumer Demand of a Product or Service at a Given Price? Exploring Key Influences on Consumer Behavior

Estimated Reading Time 8 minutes Key Takeaways * Income levels, substitutes, and consumer preferences significantly affect consumer demand. * Brand loyalty can decrease demand elasticity. * Understanding consumer demand dynamics helps companies capitalize on market trends. Table of Contents * Income Changes: The House of Cash * The Availability of Substitutes: The Switch Up * Necessity