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What is consumer awareness and why is it important?

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Quick Answer

Consumer awareness refers to the understanding by a consumer of their rights in regards to a product or service being marketed or sold, enabling buyers to get the most from what they purchase. There are four categories in the concept of consumer awareness: information, choice, safety and the right to be heard.

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Full Answer

Despite the fact the first consumer movement started in England after World War II, a declaration regarding consumers' rights in the United States was first made, in 1962. Consumer activist Ralph Nadar is considered by many as the father of the "consumer movement."

In 1985, the United Nations adopted specific guidelines to achieve the objectives of establishing an ethical conduct for those involved in the distribution and production of services and goods, and to maintain protection for consumers around the globe. The World Consumer Rights Day is celebrated, on March 15th.

The protection and promotion of consumer rights and best interests is an important function of the government of any economy. Government agencies and consumer groups regularly start consumer awareness campaigns, to help consumers understand new products and services in the marketplace.

Artificial scarcity, undue conditions, rough behavior and high prices are some of the ways consumers are exploited by traders and manufacturers.

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