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consumer customer
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consumer customer

economics
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Quick Summary

In economics, a consumer is a person who buys goods and services. Consumer spending is a primary driver of economic growth, making up a significant portion of a country's gross domestic product (GDP).123

There are two main categories of customers:
* Consumer customers: Individuals who purchase goods and services for personal use or for their household.4
* Business customers: Organizations that buy goods and services for use within their operations.4

Consumer behavior is influenced by cultural, social, personal, and psychological factors. Economists study consumption to understand economic fluctuations, measure poverty, and test theories of competition. Consumer spending trends also influence fiscal and monetary policy.453

Summary created from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
5 Britannica Sources
  1. consumer
  2. marketing - Cultural factors
  3. consumerism
  4. Consumer spending: Here are the top reports to follow
  5. consumption

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