Factors Affecting Demand
What Factors affect demand for a product in the market?
Written by Jason Gordon
Updated at March 14th, 2023
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What Factors Affect Demand?
The following factors often affect the demand for a product:
- Taste Shift
- Change in Population
- Change in Income
- Change in Price of Substitute Goods
- Change in Price of Complementary Goods
- Future Expectations of Financial Position
A change in any of these factors can cause a shift in demand. The change generally results in the desire or need for a greater or lesser quantity of a good or service at a given price.