Question

1. Consider the following scenario of a shifting demand curve, and select which factor you think motivated this shift

Many songs, videos, and even phrases make references to Gucci. It seems that the knowledge of the brand and the desire to own something with this label has driven up the demand. The demand curve for Gucci
increases. Why did this happen?
A) Taste and Preferences
B) Related Goods and Services
C) Income
D) Buyers, number of
E) Expectations of price

Answer 1

It might be taste and preferences

-Explanation-
This is because I feel like Guccis demand has risen because of the amount of people wearing their brand, and the influence it has. When buying from expensive brands like Gucci most of the time your buying for the name and not the actual product. Although they claim to have good quality most people buy Gucci because of their taste preferences and the actual name of the brand and the so called “superior” image it has.