Definition of consumer market

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Definition of consumer market
U.S. consumer (consumer girl image by Lev Dolgatshjov from Fotolia.com)

The consumer market represents individuals and families purchasing goods and services for personal consumption. The consumer market excludes business or government purchases, or other non-personal investments.

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Size

According to the Bureau of Economic Analysis, U.S. consumers collectively bought goods and services worth £6,559 billion in 2009.

Market Segments

The consumer market is segmented into goods and services. In 2009, U.S. consumers spent £2,117 billion on goods and £4,442 on services.

Goods

Goods include durables such as cars and furniture, and non-durables such as food, clothing and gasoline.

Services

Services include items such as housing, electricity, phone, cable, Internet, health care, airlines, trains, buses, restaurants and banks.

Trends

As of 2009, U.S. consumers had the highest collective buying power relative to all other nations. As the U.S. population grows, consumer demand for goods and services should increase for the foreseeable future.

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