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Flashcard Definition
Consumer demand is the desire or willingness of consumers to buy goods or services. It represents the amount of a product or service that consumers are ready to purchase in the market.
Consumer Demand is an extremely important factor in the economy, and can determine the success of businesses, as well as guiding fiscal and monetary policy.
The Covid-19 pandemic is one key recent example of an event which has had a significant impact on consumer demand and spending due to the unprecedented introduction of lockdown measures. If you want to learn more about the impact of lockdown measures during the Covid-19 pandemic on consumer demand in various industries, the Office for National Statistics has useful publications: