After we define what inelastic demand means, let's explore its examples.
Common examples of products characterized by this type of demand are prescription medications, basic food items like bread and milk, and utility services such as electricity and water. Despite changes in their prices, these products generally see only minor shifts in demand.
For instance, regardless of the price of insulin, diabetics will still need to purchase it, making it an inelastic product. Similarly, price hikes in utility services may not deter usage substantially since they are considered essential. Businesses in these sectors have different considerations for pricing strategies, as their products are often less subject to the whims of consumer preference and more by necessity.