A consumer is going to purchase two kinds of things throughout his or her life. Consumers purchase goods that are necessary. Necessary goods, based on innate needs, are things that they are either naturally drawn to or simply need in order to get through daily life.
Consumers will also buy luxury products. These products are luxury goods, and are not necessary by any means. The goods, however, are purchased because the consumer wants the luxury in their life. There is often a fine line between these two kinds of goods, and they can sometimes overlap.
Goods that are purchased, based on innate needs, are simple things like food, water, clothes, shoes and other necessities. Some people would argue that goods like this would have to be really basic in order for their purchase to be based on innate needs, but whether a customer buys luxury versions of these products or not, the products are still required in their daily life. An individual, or a consumer, would simply be unable to go without these kinds of products in their life.
Goods based on acquired needs might be things like candy, luxury products like candles or other household ornaments, or even expensive laptops and other devices. Acquired needs are requirements that have occurred because of society, or how they have grown up. Many people see luxury goods as necessities these days, however, meaning that there is indeed a fine line between these two forms of goods.
The overlap occurs when a consumer buys a product that is based on their innate need, which is overly expensive or has features or ingredients that are there solely for luxury. For instance, instead of buying milk, the consumer may purchase chocolate milk.
Consumers will also buy luxury products. These products are luxury goods, and are not necessary by any means. The goods, however, are purchased because the consumer wants the luxury in their life. There is often a fine line between these two kinds of goods, and they can sometimes overlap.
- Innate needs
Goods that are purchased, based on innate needs, are simple things like food, water, clothes, shoes and other necessities. Some people would argue that goods like this would have to be really basic in order for their purchase to be based on innate needs, but whether a customer buys luxury versions of these products or not, the products are still required in their daily life. An individual, or a consumer, would simply be unable to go without these kinds of products in their life.
- Acquired needs
Goods based on acquired needs might be things like candy, luxury products like candles or other household ornaments, or even expensive laptops and other devices. Acquired needs are requirements that have occurred because of society, or how they have grown up. Many people see luxury goods as necessities these days, however, meaning that there is indeed a fine line between these two forms of goods.
The overlap occurs when a consumer buys a product that is based on their innate need, which is overly expensive or has features or ingredients that are there solely for luxury. For instance, instead of buying milk, the consumer may purchase chocolate milk.
