Energy Portal
Consumer goods are products that are purchased by individuals or households for personal use. These goods fulfill everyday needs and are typically categorized into three main types: durable goods, nondurable goods, and services. Durable goods are items with a long life span, such as appliances and cars, while nondurable goods are consumed quickly or have a short shelf life, like food and toiletries. Services refer to intangible offerings, such as haircuts or repairs, that provide value to consumers.
Consumer goods are distinct from capital goods, which are used by businesses to produce other goods and services. The consumer goods market plays a significant role in the economy, with consumer spending being a major component of economic activity. Brands and marketing strategies in this sector focus on appealing to consumers’ needs, preferences, and purchasing behaviors. Overall, consumer goods are essential for daily living and play a critical role in both individual lives and the broader economic landscape.
The mattress industry experienced a significant decline in sales and units sold in 2023, according to the latest trend report from the International Sleep Products Association (ISPA). The report revealed…