Consumer spending or consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. There are two variants of consumption in the aggregate demand model, including induced consumption and autonomous consumption.
Read more about Consumer Spending: Consumerism
Famous quotes containing the words consumer and/or spending:
“The poverty of our century is unlike that of any other. It is not, as poverty was before, the result of natural scarcity, but of a set of priorities imposed upon the rest of the world by the rich. Consequently, the modern poor are not pitied ... but written off as trash. The twentieth-century consumer economy has produced the first culture for which a beggar is a reminder of nothing.”
—John Berger (b. 1926)
“Keeping accounts, Sir, is of no use when a man is spending his own money, and has nobody to whom he is to account. You won’t eat less beef today, because you have written down what it cost yesterday.”
—Samuel Johnson (1709–1784)