Economics of Consumption

Consumption is an important part of today’s reality. The 21st century is the age of consumers, who, because of the hectic character of modern life, increasingly rely on products and services offered by companies. Because both the number and diversity of merchandise available on the market are increasing, consumption is an important part of the lives of diversified stakeholders involved in the process of producing, marketing, purchasing, and utilizing products and services. Thus, types of consumption can also be subcategorized by taking into account the type of goods (e.g. luxurious products), the purpose of purchase (e.g., satisfying physical or emotional needs), and the form of participation in consumption (direct versus indirect consumption). Spheres of investigation may focus on people, economic determinants, and the economic consequences ...