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Engel's law of consumption states that as income increases, the percentage of income spent on food decreases, even if the amount spent on food increases. In other words, people tend to allocate a smaller proportion of their total income on food as their income rises. This is because as people become wealthier, they are able to spend a larger share of their income on other goods and services besides food.
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What is engels law of consumption?
Engel's Law of Consumption states that as income increases, the proportion of income spent on food and other necessities decreases, while the proportion spent on luxury goods and services increases. This law suggests that as people's income rises, their spending priorities shift from basic necessities to more discretionary items.
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