When a consumer's decision to buy a product is based on something other than the product's price, the demand for that product changes.
A shift in consumer preference to buy a specific good or service, regardless of a change in price, is referred to as a change in demand. Changes in consumer preferences, income levels, or the price being charged for a comparable product could all be the cause of the change.
Even when prices don't change, there is a change in demand when consumer preferences alter. Consumers may theoretically buy more of everything while the economy is booming and salaries are rising. While the amount sold rises, prices will stay the same, at least temporarily.
In contrast, during a recession, demand could be anticipated to decline at every price. When economic growth slows, people often lose their jobs, see a drop in their salaries, and become anxious. As a result, they limit their spending on discretionary items and only purchase necessities.
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