Price sensitivity can vary greatly across different industries or markets. It is largely dependent on the nature of the product or service, the level of competition in the market, and the perceived value of the product or service by the consumers. For instance, luxury goods and services often have low price sensitivity as consumers purchasing these items are less concerned about price changes. On the other hand, essential goods like food and utilities often have high price sensitivity as consumers are more likely to react to price changes. Additionally, markets with high competition tend to have higher price sensitivity as consumers have more alternatives to choose from.
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