http://money.cnn.com/2014/12/02/news/economy/november-gun-sales/index.html?iid=A_E_News
In this article presented by CNN Money, it focused on the recent increase in gun sales for the month of November. As anticipated, the big hype of black Friday always shows an increase in gun sales, however; this year there was more to the boom that people weren't expecting. "Gun sales are often driven by fear and anxiety" which would make sense given the history of the fluctuation of guns sales, where record highs are attributed by national disasters, such as in 2012 when gun sales soared through the roof as a result of the Sandy Hook massacre. This years rise was mainly attributed to the violence in Ferguson, Missouri, where people rapidly bought guns after the incident occurred, and then again in November once the Grand Jury did not indict the police officer.
Overall this article serves as a great example of how people purchase goods and services as a result of whats going on around them, and how certain events can cause significant increases in sales of certain goods.This was documented through the background checks administered by the FBI, in order for someone to legally posses a firearm.
I think it’s interesting that when President Obama announced that radical gun control was at the top of his agenda for his second term, guns sales increased tremendously. While Obama failed to get any of the gun bans or restrictions passed on the federal level, his actions inadvertently spurred millions of Americans to buy more firearms than any time in history. It appears that in times when Americans feel their Second Amendment threatened, gun sales increase.
ReplyDeleteIt essentially is very true that we as consumers do allow whats happening in our surroundings to influence how much we spend on a certain good. Its also intriguing to note that gun and ammunition sales increased due to Obama's administration pressing hard for stricter gun control measures.
ReplyDeleteTypically during the holiday season sales in any many goods and services industry increase by roughly 10%. This is not to mention that November is a prime time for hunting throughout many parts of the United States. It is not surprising that gun sales are up in Missouri. Being from St. Louis it does not shock me. However, over time I believe that sales will relapse as the community begins to feel safer.
ReplyDeleteThis is a great example of how social events can drive the economy in different ways by influencing consumers to buy more or less of one good. This is why the demand for airlines dropped when there was a fear of getting Ebola. I feel like gun sales will continue to rise, as there are more protests occurring throughout the country, and even in the world.
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