Inferior Goods

Inferior goods are products whose demand increases as consumers’ incomes decrease, and vice versa. In other words, when people have less money, they tend to buy more of these goods because they are often more affordable alternatives to higher-quality options. For example, budget-friendly brand foods or used clothing can be considered inferior goods. It's important to note that this label doesn’t mean the goods are necessarily low-quality; rather, their popularity tends to rise in economic downturns or among those with limited budgets.