Ans. Consumer goods are products that are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see on the store shelf. Clothing, food and jewelry are all examples of consumer goods. Basic materials such as copper are not considered consumer goods because they must be transformed into usable products.
There are three main types of consumer goods: durable goods, nondurable goods and services. Durable goods are consumer goods that have a long life span and are used over time. The life span is typically three years or more. Examples include bicycles and refrigerators. Nondurable goods are consumed in less than three years and have short life spans. Examples include food and drinks. Services include repairs and haircuts.
Consumer goods are also called a final good, or end product. These items are sold to consumes for use in the home or school or for recreational or personal use. Consumer goods exclude motor vehicles.
