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Consumer goods are alternately called final goods, and the second term makes more sense in understanding the concept. Essentially, consumer goods are things purchased by average customers, and will be consumed or used right away. This is in contrast to other types of goods called intermediate goods. Intermediate goods are products produced or things sold that will be used in the making of something else by another manufacturer or an assembler . For instance, fabric produced from cotton might be an intermediate good. The clothing made from the fabric would be consumer goods, since it has reached its final destination: the consumer.

The issue of consumer goods is most important in assessment of Gross Domestic Product ( GDP ), basically a yearly measurement of what is purchased (consumed), made, invested, and what is spent by the government. Economic analysts can parse out the different types of goods that are included in the GDP, and look at how each area is performing. So for instance, a decline in the sale of consumer goods would indicate people aren't spending as much on most consumer items, which can include on food, automobiles, clothing, electronics, and a host of other things.

consumer good, in economics, any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer .

Consumer goods are divided into three categories: durable goods, nondurable goods, and services.

Consumer durable goods have a significant life span, often three years or more. the consumption of a durable good is spread over its life span, which tends to create demand for a series of maintenance services. The longevity and the often higher cost of durable goods usually cause consumers to postpone expenditures on them, which makes durables the most volatile (or cost-dependent) component of consumption. Common examples of consumer durable goods are automobiles, furniture, household appliances, and mobile homes.

Consumer nondurable goods are purchased for immediate or almost immediate consumption and hav a life span ranging from minutes to three years. Common examples of these are food, beverages, clothing, shoes, and gasoline.

Consumer services are intangible products or actions that are typically produced and consumed simultaneously. Common examples of consumer services are haircuts, auto repairs, and landscaping.