AskDefine | Define consumers

User Contributed Dictionary

English

Noun

consumers
  1. Plural of consumer

Extensive Definition

This article is about consumers in economics. For the article about consumers in biology, see Heterotroph.
Consumers refers to individuals or households that use goods and services generated within the economy. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary.

Consumer in economics and marketing

A consumer is a person who uses any product or service. Typically when business people and economists talk of consumers they are talking about person as consumer, an aggregated commodity item with little individuality other than that expressed in the buy/not-buy decision. However there is a trend in marketing to individualize the concept. Instead of generating broad demographic profile and psychographic profiles of market segments, marketers are engaging in personalized marketing, permission marketing, and mass customization.
In free market or capitalist economies, consumers are presumed to dictate what goods are produced and are generally considered the center of economic activity. Individual consumption of goods and services is primarily linked to the consumer's level of disposable income, and budget allocations are made to maximize the consumer's marginal utility. In 'time series' models of consumer behavior, the consumer may also invest a proportion of their budget in order to gain a greater budget in future periods. This investment choice may include either fixed rate interest or risk-bearing securities.

Consumer in law and politics

Within law, the notion of consumer is primarily used in relation to consumer protection laws, and the definition of consumer is often restricted to living persons (i.e. not corporations or businesses) and excludes commercial users. A typical legal rationale for protecting the consumer is based on the notion of policing market failures and inefficiencies, such as inequalities of bargaining power between a consumer and a business. As potential voters are also consumers, consumer protection takes on a clear political significance.
Concern over the interests of consumers has also spawned much activism, as well as incorporation of consumer education into school curricula. There are also various non-profit publications, such as Consumer Reports and Choice Magazine, dedicated to assist in consumer education and decision making.

References

consumers in Afrikaans: Verbruiker
consumers in Bengali: ভোক্তা
consumers in Catalan: Consumidor
consumers in German: Verbraucher
consumers in Spanish: Consumidor
consumers in French: Consommateur
consumers in Korean: 소비자
consumers in Indonesian: Konsumen
consumers in Italian: Consumatore
consumers in Lithuanian: Vartotojas
consumers in Dutch: Consument
consumers in Japanese: 消費者
consumers in Norwegian: Forbruker
consumers in Polish: Konsument (ekonomia)
consumers in Portuguese: Consumidor
consumers in Russian: Потребитель
consumers in Slovak: Spotrebiteľ
consumers in Chinese: 消费者 (经济)
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