Consumer goods are any tangible commodities produced to address the daily and perceived needs of consumers. Home appliances, consumer electronics, toiletries and cosmetics, personal care and hygiene products, food products and beverages, and other generic household items are among the most common examples for consumer goods.
The consumer goods and retail industry is rapidly shifting to eco-friendly packaging materials such as Biodegradable plant-based material packaging and Smart packaging with embedded sensors. This industry focuses on a healthy environment and takes concerted initiatives and invests in R&D to achieve Sustainable Development Goals. These factors are creating opportunities for new revenue pockets in this market.
Consumer goods are subcategorized as durable goods and non-durable goods. Durable goods include home products; baby products and supplies; consumer electronics and appliances; and sports, fitness, and leisure products. However, cleaning products, office supplies, clothing and personal care products, and food and beverages are considered as nondurable goods.
Consumer goods providers are engaging themselves in business strategies such as mergers, acquisitions, or alliances, which are likely to help them reduce risks associated with the processes of creating new products, reaching new customers, expanding into new markets, increasing operating efficiencies and reducing capital expenditures.