A consumer is an individual who purchases goods or services for personal use. The term “consumer” can also refer to a person who uses something, such as water from a tap, rather than buying it. In marketing, the term “consumer” is used to describe the individuals or households that make up the market for a particular product or service. The study of consumers is called consumer behavior. Marketers use marketing research to learn about consumers’ needs and wants and how these can be met. Marketing efforts are then directed toward creating satisfied customers.
The word “consumer” comes from the Latin word consumere, which means “to consume.” The term “consumption” refers to the use of goods and services by individuals. Consumption includes all of the activities that people engage in when they use a product or service, such as buying, using, and disposing of it. When economists talk about consumption, they are referring to the total amount of goods and services that are purchased by all individuals in a society.