One of the major factors affecting demand for a product or service is how consum

Question

One of the major factors affecting demand for a product or service is how consumer's habits and tastes change over time. Organic food is an example of how awareness of what processes used in growing our food can affect our health. This has spawned a huge demand for organic or "Whole Foods". Millennials (18-34) have surpassed Baby Boomers ( 52-70) as the largest age segment in our population. Watch the six minute Youtube video on the "Gig economy" (https://www.youtube.com/watch?v=gKtuBedlMG0).

Answer the question below:

What are some other products and services you think are or will be affected by changes in thepublic's tastes and habits?

Explanation / Answer

Most of the products and services which will be affected by changes in public's tastes and habits are either food items or health items.

For e.g. a research showing how eating quinoa seeds is better and more rich in protein as compared to soya, then demand for quinoa would increase manifold and that of soya would decrease.

Similarly, researches and experiments showing how one good is better and improved than other would lead to a shift in consumer demand from one good to another.

Similarly, with clothes, if a new improved variety of cotton material is proven to be not only cheaper, but also more breathy for the skin would lead to an increase in its demand over the already used cotton materials.

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