3. Doing your washing in the Launderette

In the 1960s there was a launderette on every high street in the UK, and in the mid-1980s the number peaked at 12,500. But rising household incomes and the falling price of washing machines led to a continuous decline in the launderette market. The Office for National Statistics in the UK has said the number of Launderette's in the UK has fallen by over 80 percent in the last 30 years. In 1972 66 per cent of households had a washing machine, but that had risen to 97 per cent by 2019. The data on the Launderette market shows they are inferior goods and washing machines are normal goods.

Research another product that has the characteristics of being an inferior good. See if you can find some data on how sales of the product you have chosen changed overtime. Is marketing and inferior good an opportunity for a business?