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Population Growth Equals Greater Demand Of Goods

688 words - 3 pages

The prices for these luxury goods are getting more expensive rather than
cheaper, so why are these sales escalating? Population growth is one
possibility as the greater the population, the greater the demand.

Society today is based on the fundamental concept of supply and
demand. If the demand increases the quantity supplied will rise. If
the demand decreases the quantity supplied will diminish. However, the
fluctuation in demand for all products is based on numerous factors
such as price, population, income, advertising and more influential
than price, taste. The Toronto Star printed an article on luxury items
and how these extravagant goods are now in higher demand than ever
before. Expensive brand names such as Lamborghini, Prada and Tiffany &
Co as well as castles are having a vintage year. Lavish homes in the
Toronto area that are worth $1.5 million were up 48 per cent in the
first half of 2005. Phil Soper, the president and CEO of Toronto-based
Royal LePage Real Estate Services commented after hearing about this
newfound data. "Sales in this price category have experienced the
highest year-over-year growth of all price categories since 1996."

The prices for these luxury goods are getting more expensive rather
than cheaper, so why are these sales escalating? Population growth is
one possibility as the greater the population, the greater the demand
because there are more people to contribute. As well, the
advertisement of these items on television and in films have played a
major role in heightening sales as luxury goods companies have mined
the celebrity-obsessed culture, and red-carpet events such as the
Toronto Film Festival to create huge demand for products. Income is
also a factor in the rising of expensive items as one can only buy
these items based on their household income. If one makes a large
amount of money they are more likely to spend more compared to the
person makes less. This cycle is referred to as the income effect.
Individuals personal tastes have grown more expensive and companies
have realised that there are those who wish for a taste of the 'good
life' and as a result have created lower-end or diffusion brands to
appeal to the cash-strapped consumer. President and CEO of the Retail
Council of Canada, Diane...

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