Convenience Good

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DEFINITION

A consumer item that is widely-available, purchased frequently and with minimal effort. Because a convenience good can be found readily, it does not require the consumer to go through an intensive decision-making process. Examples of convenience goods include newspapers and candy.


Convenience goods are different than specialty goods, such as a car, which are more expensive and often carry a greater opportunity cost to the consumer.



INVESTOPEDIA EXPLAINS

Convenience goods are often the products of habit or impulse, as they are easily found by consumers and are inexpensive enough for most consumers to purchase. Because the inexpensiveness of a good can be dependent on the income of the consumer, economists often use the cost of a good to the average consumer when determining if a good is inexpensive. If discretionary income falls, consumers may forgo purchasing goods impulsively.


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