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RossEngel's law of consumption states that as income increases, the percentage of income spent on food decreases, even if the amount spent on food increases. In other words, people tend to allocate a smaller proportion of their total income on food as their income rises. This is because as people become wealthier, they are able to spend a larger share of their income on other goods and services besides food.
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What is engels law of consumption?
Engels law of consumption depicts that when our income is increased we spend less on food but spend more on durable goods, and when our income is decreased we spend more to fill primary needs(food, shelter, etc).
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