These kinds of goods are called goods of necessity. No matter what happens to the price, demand for it will not drop. The demand might even increase with a price hike. Example of these goods are foodstuff, cooking gas, transportation services etc.
Why some products would still sell with price hike.
- Thread starter Niyi Briggs
- Start date
Some products may still sell with a price hike because of their popularity, quality, or scarcity. Consumers may be willing to pay more for products that are in high demand, offer superior quality, or are difficult to find. Additionally, a price increase may signal to consumers that a product is desirable, exclusive, or of higher value.
Exactly, lets take petroleum for example, commonly known as fuel.right now in my country, there is an increase in the price of fuel. Fuel that was once 165 naira per liter is currently 259. Yet people still struggle to buy it.
There are always the essential services and products that you can't just do without so you just have to buy .
You are right, we can tot stop consuming them because they are what we needs but not what we want.
No matter the amount essential products are sold it will still be consumed because they are essential needs that need to be used every day.
The simple truth is that the nature of any product determines how well it's going to sell whenever the price is going up and down in the market.
Some certain goods are elemental goods that we cannot do without.
In economics, we call them giffen goods. They would always sell in season and out of season. They ate highly necessary to basic survival. For example, cassava flakes in my country commonly called garri. Common commodity it is but highly highly essential.
