Which of the following factors is most likely to significantly affect consumer spending behavior?

One of the most significant factors that can affect consumer spending behavior is the price elasticity of goods. Price elasticity refers to how sensitive consumers are to changes in price. For example, if the price of a popular snack increases, some people might stop buying it because they feel it’s too expensive, while others may continue to buy it regardless of the price change. This shows that if a product is considered a luxury or non-essential, its demand may drop significantly when prices rise. Understanding price elasticity helps businesses predict how changes in price will influence the amount consumers are willing to spend.