Definition of Consumer Goods
What are "consumer goods"? What is the definition of the term "consumer goods"?
"Consumer goods" are the "finished" products that consumers purchase at retail outlets, grocery stores, etc.
For instance - if you walk into the "Gap" and purchase a new cotton T-shirt, this is a "consumer good". The T-shirt was made out of basic materials (cotton) and sent to the store to be purchased by a consumer.
Another example of a "consumer good" - a car. A car has been made out of basic materials and by the time that a consumer pulls out their wallet to buy it, the car has been transformed into a finished product.
Consumer good sales help to understand economic strength - strong consumer goods sales mean that consumers have extra spending money and are willing to spend it, which means that they are probably confident about the economy.
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