There are several reasons. Consumers need to have accurate and unbiased information about the products and services they purchase. This allows them to make the best decisions based on their interests and prevent corporate abuse and misunderstandings. Consumer protection policies, laws and regulations help enhance consumer well-being by ensuring that businesses are held accountable. Companies known for treating consumers fairly will gain a reputation and be in greater demand. This will increase profitability and competitiveness, and will lead to economic growth in the long run. Consumer protection guidelines, laws and regulations ensure that businesses are restrained.
Economic growth and competitiveness.
Consumer protection contributes to a dynamic and effective market for business growth.
