What are some factors that affect consumer tastes?

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There are many factors that can affect consumer tastes.  Consumer tastes, in turn, affect demand for various things.  Among these factors are:

  • Marketing.  Good advertising campaigns can alter consumer tastes; this is a major reason for advertising.
  • Culture.  People from different cultural backgrounds will tend to have different tastes.  For example, someone from a very conservative cultural background will be likely to have different tastes in women’s clothing than someone from a more liberal one.
  • Income and wealth.  As people’s incomes change, so can their tastes.  For example, a person who was once quite happy with a Toyota Camry may become rich and come to think that only a Mercedes will do. 

 

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