Definition, Meaning & Synonyms

superior goods

Noun

/suːˈpɪə.ri.ər ɡʊdz/

Definition

Goods whose demand increases when consumers’ income rises, reflecting greater purchasing power.

Examples

As the economy improved, many people switched from buying generic brands to superior goods like organic groceries.
Luxury cars are a prime example of superior goods, as their sales typically rise during times of economic prosperity.

Meaning

Superior goods are products for which demand increases as consumer incomes increase. Unlike inferior goods, which see a decrease in demand as income rises, superior goods are often seen as higher-quality items that consumers prefer when they can afford to spend more.