Where there is demand there is supply is not really true.This basic law of Economics "Where there is demand there is supply" has been misused for a long time. This lockdown due to pandemic has really made lot of unnecessary expenses redundant, which we thought were almost a basic necessity.
Some of the expenditure that vanished during this lockdown were:
1. Movies in Cineplex
2. Eating in restaurants, even ordering online
3. Shopping in malls
4. Ordering clothes every fortnight or a month
5. Throwing lavish parties - Birthday or Marriage
6. Outstation travel
Although due to this many sectors have been badly hit, especially the tourism industry but still we have realised that we can survive well enough even without these.
Marketing and advertising by multinational companies many a times artificially create demand and then fulfill that demand and gradually turn the same into a necessity.
I have no intent of hurting anyone who may be directly or indirectly related to any of these businesses. I only intend to discuss what ifalls in category of necessity and luxury.
Members may add to this based on their experience.