Law
There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins:CONSUMER PRODUCT.--The term ‘‘consumer product’’ means any article, or component part thereof, produced or distributed (i) for sale to a consumer for use in or around a permanent or temporary household or residence, aIt then goes on to list eight additional specific exclusions and further details.school A school is an educational institution designed to provide learning spaces and learning environments for the teaching of students under the direction of teachers. Most countries have systems of formal education, which is sometimes co ..., in recreation, or otherwise, or (ii) for the personal use, consumption or enjoyment of a consumer in or around a permanent or temporary household or residence, a school, in recreation, or otherwise; but such term does not include— (A) any article which is not customarily produced or distributed for sale to, or use or consumption by, or enjoyment of, a consumer,
Durability
Final goods can be classified into the following categories: #Buying habits
Final goods can be classified into the following categories, which are determined by consumers' buying habits: #Convenience goods #Shopping goods # Specialty goods # Unsought goods Convenience goods, shopping goods, and specialty goods are also known as "red goods", "yellow goods", and "orange goods", respectively, under the yellow, red and orange goods classification system.Convenience goods
Convenience goods are regularly consumed and easily available. Generally, convenience goods come in the category of nondurable goods such as fast foods, cigarettes and tobacco with low value. Convenience goods are sold mostly by wholesalers or retailers to make them available to the consumers in goods or large volume. Convenience goods can further be divided into staple convenience consumer goods and impulse convenience consumer goods. Staple convenience consumer goods are the basic necessities of the consumer. These goods are easily available and in large quantity: milk, bread, sugar, etc. Impulse convenience consumer goods do not belong to the priority list of the consumer. They are purchased without any prior planning, just on the basis of the impulse: potato wafers, candies, ice creams, cold drinks, etc.Shopping consumer goods
Shopping consumer goods are the goods which take lot of time and proper planning before making purchase decision; in this case consumer does a lot of selection and comparison based on various parameters such as cost, brand, style, comfort etc., before buying an item. Shopping goods are costlier than convenience goods and are durable in nature. Consumer goods companies usually try to set up their shops and show rooms in active shopping areas to attract customer attention and their main focus is to do much advertising and promotion to attract more customers. Examples include clothing items, televisions, radios, footwear, home furnishings, etc.Specialty consumer goods
Specialty goods are unique in nature; these are unusual and luxurious items available in the market. Specialty goods are mostly purchased by the upper classes of society as they are expensive in nature and difficult to afford for the middle and lower classes. Companies advertise their goods targeting the upper class. These goods do not fall under the category of necessity; rather they are purchased on the basis personal preference or desire. Brand name, uniqueness, and special features of an item are major attributes which attract customers and make them buy such products. Examples include antiques, jewelry, wedding dresses, cars, etc.Unsought consumer goods
Unsought goods belong to neither the necessity group of consumer goods list nor to specialty goods. They are always available in the market but are purchased by very few consumers, either based on their interest or their need for some specific reasons. The general public does not purchase such goods often. Examples include snowshoes, fire extinguishers, flood insurance, etc.Mergers and acquisitions
In the consumer product sector, there have been 107,891 deals announced between 1985 and 2018, which cumulates to a total value of around US$5,835 billion. 2007 was the year with the largest value (US$4,888 billion) followed by a steep slump in 2009 (-70.9%). After the first wave in 2007, now is the second big M&A wave in the consumer products sector, and a decline is expected.See also
* Back-story (production) * Fast-moving consumer goods * Product/process distinctionReferences
{{DEFAULTSORT:Final Goods Goods (economics) Manufactured goods