Alright, so another factor that can affect the demand for a product is consumer preferences for that product. Consumer preferences change all the time; it's kind of an intangible thing, but when you see it in a problem, it's going to have to be mentioned that preferences are changing. The idea is, if the preferences benefit the good, so if it's some kind of change in consumer preferences, it's going to be a little vague until you see an example, but if it benefits the good in some way, then it's going to increase our demand, right? It's going to shift to the right if it's some sort of beneficial preference change. Obviously, the opposite if it's not a beneficial change, if it's something where they're preferring something else instead, then our demand will shift to the left. Alright, so let's go ahead and see some examples.

The idea that fitness rises in popularity among the consumers can affect the price of fitness-related products, right. So let's say, the preference for fitness goes up, then the demand for fitness products is going to go up. People are going to want fitness products more because they prefer fitness. You see the same thing happening in the fashion industry, right? The demand for different fashions is going to go up and down based on consumer preferences, and cellular phones also saw a big demand shift where people don't even have house phones anymore, right? A lot of people don't even have a house phone; they just have their cell phone, and that's the only way to contact them, so there's been a preference change towards cellular devices. Cool? So let's go ahead and do an example and see this in action.