In simple terms: what are the implications of homothetic and nonhomothetic consumer preferences?

Question

I am looking for a simple explanation of the implication of having homothetic/nonhomethetic preferences in relation to consumers' preferences when consuming goods.

Answer 1

With homothetic prefereces the income elasticity of demand for all goods is one. This means that budgetshare devoted to any product are independent of the size of your budget