What Is The Definition of Consumer Goods?
Consumer goods are the goods that are purchased by individuals for their own use or consumption rather than for resale or use in an industrial or commercial enterprise. Consumer goods also known as finished goods can be classified into two main types: Durable Goods and Non-Durable Goods.
Types of Consumer Goods
Consumer goods are divided into two main categories: Durable Goods, and Nondurable Goods. However, there is another category of consumer goods: Services.
1. Durable Goods
These items last longer than three years and can be used repeatedly, like cars, home appliances, furniture, computers, etc. Examples of durable goods include refrigerators, washing machines, televisions, and mobile phones.
2. Nondurable Goods
Nondurable Goods do not last long but are consumed or used up in three years or less. Examples include food items like milk and vegetables; cosmetics like lipstick and nail polish etc.
Services are intangible benefits that cannot be stored or transferred easily between people without some form of physical exchange such as money or barter (exchange of goods). For instance, they include legal advice provided by lawyers, haircuts given by hairdressers, etc.