Question

"Since consumers' taste are changing so rapidly, there is no reason to expect that statistical demand...

"Since consumers' taste are changing so rapidly, there is no reason to expect that statistical demand estimates derived from historical data will be accurate in the future." Critically evaluate this statement in light of your knowledge of statistical analysis of demand.  

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As consumer's demand are changing rapidly with time it has become really difficult to derive any data for future demand from historical data as with time new innovations are taking place as a result of which consumers are provided with wide variety and wide range of choices for their product . With time even the meaning of necessities and luxury changes. Hence people like to choose according to new fashion and new innovations which could make their easier therefore historical data could not be trusted to estimate the demand in future.

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