Spending power and wealth has a strong impact on spending patterns of consumers.

Question

Quizplus · Accepted Answer

Consumers with higher spending power and wealth tend to have higher levels of disposable income and are more likely to spend more money on luxury and high-end products, while consumers with lower spending power and wealth tend to be more budget-conscious and focus on buying lower-priced goods. This difference in spending patterns can have significant impacts on the overall economy and the strategies of businesses targeting these different consumer segments.

Spending Power and Wealth Has a Strong Impact on Spending