“Globalisation and greater competition among producers has been of advantage to consumers.” Justify the statement with examples.

Globalisation and greater competition within the market have been of advantage to the consumers, particularly the well-off sections in the urban areas.

1. The consumers now enjoy the improved quality and lower prices for several products, thereby, leading to higher standards of living which were not possible earlier.

2. The increase in investment by Multinational Corporations (MNCs) in industries such as cell phones, automobiles, electronics, soft drinks, fast food or services such as banking in urban areas has been successful in providing a wide variety of options to the consumers in the market.

3. The creation of employment opportunities in various industries has further increased the financial ability of the people, thus, contributing to the overall development of the consumers.

NOTE – Globalisation refers to the interdependence and increasing connectedness between countries across the globe. The impact of globalization on consumers has largely been positive. The expansion of the market has further contributed to an increase in the number of products that were not available earlier in the market, thus contributing towards the well-being of the consumers.