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in Consumers Equilibrium by (63.7k points)

What is meant by consumer’s taste and preferences?

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Consumer’s taste and preferences play an important role in determining the demand for a product. Taste and preferences depend, generally on the social customs, religious value associated with a commodity, habits of the people, the general life-style of the society and also the age and sex of the consumers. Change in these factors varies the taste and preferences of consumer. When there is a change in consumers’ choices, tastes and preferences for certain goods and services after the change in fashion, people switch their consumption pattern from cheaper and old-fashioned goods over to costlier ‘mod’ goods, so long as price differentials commensurate with their preference.

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