Question

Briefly describe the difference between a consumer’s needs and wants.

Answer 1

Consumers' needs are essential requirements necessary for survival and basic functioning, such as food, shelter, clothing, and healthcare. In contrast, wants are desires or preferences that go beyond basic needs, reflecting personal tastes and aspirations, such as luxury items, entertainment, or brand-specific products. While needs are often fundamental and universal, wants are subjective and can vary greatly from person to person.