What does not indicate an increase in demand for a product?

A decline in consumer price expectations does not indicate an increase in demand for a product. When consumers expect that prices will decrease in the future, they may choose to delay their purchases, anticipating that they can buy the same good for a lower price later. This behavior suggests a decrease in current demand rather than an increase, as consumers are less willing to buy the product at its current price when they believe it will be cheaper soon.

In contrast, an increase in consumer income typically leads to higher demand as consumers have more purchasing power, while a rise in the price of a substitute good can make the product in question relatively more attractive, increasing demand. Additionally, an increase in consumer preferences towards a product would directly increase demand as more consumers become willing to buy it at various price levels. Each of these factors creates an environment where consumers are either more willing or more able to purchase the product, in contrast to the effect of declining price expectations.