What Are Convenience Goods And Their Examples
Convenience Goods Definition: Convenience goods are those consumer goods which the customer usually purchases frequently, immediately and with the minimum of effort in comparison and buying.These are the goods which the consumer desires to purchase with the minimum of effort at the most convenient and accessible store. In other words, the convenience goods may be defined as those goods for which the probable gain from making price and quality comparisons is thought to be small relative to the consumers’ appraisal of searching costs in terms of time, money and effort.
They are the goods for which people do not shop and which they prefer to buy at convenient places and at satisfactory prices. In the case of convenience goods, the gain resulting from shopping around to compare price and quality is not considered worth the extra time, money and effort required. The consumer is willing to accept any of several substitutes and thus he will buy the one which is most accessible.
Examples Of Convenience Goods:
Examples of convenience goods are cigarettes, drug items, blades, pencils, soap, newspapers, magazines, chewing gum, some perishable goods like fresh fruits, vegetables, meats, ice cream, bread, milk and cooked foods sold by restaurants and hotels, tobacco products, toothpaste, shaving accessories, staple hardware items such as bulbs, nails, flashlight batteries, etc.
Since the consumers always want to buy these goods at convenient places, hence the name is convenience goods.