What term describes a tangible product purchased for personal use?

The term that describes a tangible product purchased for personal use is "Consumer Good." Consumer goods are items that are bought by individuals for personal consumption, directly addressing their needs and wants. These products can range from everyday necessities like food and clothing to electronics and appliances.

Consumer goods differ from services, which are intangible and involve activities that provide value, such as haircuts or car repairs. While durable goods are a subset of consumer goods that last for an extended period and are used repeatedly (like cars and furniture), the broader category of consumer goods encompasses all types of tangible goods bought by consumers for their own use. Luxury items, on the other hand, refer specifically to high-end products that provide a sense of prestige rather than being a general classification of personal-use items. Therefore, "Consumer Good" accurately captures the essence of a tangible product purchased for personal use.