Empowering Consumers: Understanding and Exercising Rights
Empowering Consumers: Understanding and Exercising Rights

Author(s): Iris Manastirliu
Subject(s): Social Sciences, Economy, Business Economy / Management, Sociology, Social development, Management and complex organizations, Economic development, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: consumer; customer service; public rights; legal transparency; efficiency
Summary/Abstract: This research paper link the economic growth and Consumers rights. Empowering consumers through understanding and exercising their rights leads to increased consumer confidence, market efficiency, competition, improved business practices, reduced market failures, and a legal and regulatory framework. Empowered consumers feel more confident in their purchasing decisions, leading to higher spending and economic growth. They also hold companies accountable for unethical practices, promoting quality, transparency, and customer service. This balance between consumer rights and business operations fosters trust and long-term economic stability, involves being aware of their legal rights in the marketplace. Empowered consumers also demand higher-quality products, leading to more competition and new technologies, driving economic growth, creates a virtuous cycle where improved confidence, competition, and innovation feed into stronger economic performance. Transparency in the marketplace ensures consumers have access to relevant information, building trust and encouraging innovation. This creates a virtuous cycle of improved confidence, competition, and innovation to protect themselves and ensure businesses operate fairly and transparently, thereby promoting a more transparent and fair business environment. At the end the research paper highlights that economic growth is strong related with the consumer rights. Legal transparency is vital for consumer rights, enabling informed decision-making, account-ability, trust, protection against abuse, and access to remedies. It promotes better business-consumer relationships, accountability, and access to consumer protection agencies.

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