Consumerism: A New Age Vague Shoot-up

Consumeris-A-New-Age-Vague-Shoot-up

Have Down Pat to Consumerism

Consumerism can be described as an economic or social belief. It encourages the consumption and acquisition of goods and services in a never-ending cycle. It considers that increasing the consumption of goods and services purchased in the market is always a desirable goal. The reason behind the company in the market is based on the presence of customers in the market. The goods and services among customers give businesses a reason to produce. And, the concept of Consumerism is based on the consumption made by consumers. Consumerism is the consumption of goods and services by purchasers. This is indeed more than their primary needs.

The hike in prices, product underperformance, quality of service and product, shortage of product, deceptive advertising. All these things have become the major cause of the evolution of Consumerism. Wanna explore more? If yes! Then, this blog by AllAssignmenthelp.com will help you scout more about this topic. Here, you will learn about the concept of Consumerism from a different perspective.

The Historic Evolution of Consumerism

Let us dig a little about this topic! The concept of Consumerism was built up in eighteen century. The reason behind this was the growing middle class that embraced luxury consumption. The eighteenth-century detected that mankind is interested in fashion. Therefore, politics and Economics are regarded as the pillar of Consumerism. It is the policy that focuses on protecting the interest of consumers at the time of exchange of goods and services. This is for the protection of the rights of consumers. This includes the activities of bodies like; government, independent organizations, businesses, etc.

The 1950s and 1960s were considered the ‘golden age of consumerism’ by some individuals. They want to preserve the interest of consumers against defective goods. Also, the inadequate services that are provided to them by sellers. It seeks to provide complete satisfaction to buyers by smooth regulation. Also, for the countries that want to thrive politically and economically. Capturing the market should be at the core of every country’s agenda.

Over decades, buying goods and services has become a part of the world. Therefore, the search of consumers for better goods is never-ending. At present every consumer goes with fashion and trends. This encourages their spending on consumer items like cars, clothes, shoes, and gadgets instead of saving and investing. Because of this, colonialists looked for markets for their goods by creating demand because there was supply.

At present, the rise of Consumerism is evident in both developing and developed countries. We can also see this through the mass production of luxury goods. Personal debt levels are also rising worldwide. This is a sign of more people buying goods excessively on impulse or without proper financial planning. However, other evident traces of Consumerism include product innovation.

Benefits of Consumerism

Furthermore, the jump-up of consumerism today is altering the world. You can always discover advertisements both for goods or services. That too all around the globe. When people buy items they want, this expands their debt level. Do you know what still calls for purchase? That is an innovative product! This leads to sales, as people always go for new and innovative things. Also, all these benefits in global money and marketing too.

Further, I’ve listed below the benefits that consumerism provides. So, read them and leverage yourself:

Economic Growth

Well! Consumerism drives economic growth. The economy grows when people spend more on goods and services produced in a never-ending cycle. There is an expansion in production and employment, which leads to more consumption. Therefore, the living standards of people are also bound to improve. All this happened because of Consumerism.

Innovation and Creativity Escalation

The living standard of people improve since consumers actively look for the next-best products/services for buying. However, the producers and manufacturers are under constant pressure to innovate. Also, the producer will become creative and innovative. How? That is, by manufacturing the best product for consumers. 

Advanced the Standard of People

The customers follow the latest trends and fashion, which increases their knowledge of the market. Therefore, this develops their standard of living. Also, an increase in production leads to more jobs, giving better wages in communities. Higher wages result in an increase in spending by customers. And, as the cycle remains to grow, the standard of living continues rising.

Shoot-up Economic Output and Generate Jobs

When goods and services are demanded in society, businesses work hard to produce those items. It is a never-ending cycle that allows the economy to grow. It increases the production of goods and services, leading to more jobs.

Encourages Freelancing

Consumerism has encouraged people to take risks. It has also uplifted freelancing, entrepreneurship and self-employment. Therefore, it has become easy to secure contracts to get work from home. Entrepreneurs have grabbed the opportunity similarly to strike it big. Likewise, all these things enhanced by consumerism has benefitted society in many ways. Even students today avail freelancing jobs to save-up some money. They put hobbies in work which helps them earn money while studying.

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Shielded Goods for Consumers

Consumerism has been termed as the element that has been driving society. The purchasers have got aware of their rights and responsibilities. Therefore, they also look out for protection from faulty products or scanty goods. They expect higher standards from companies. And, If those standards are not met, then the purchasers can go to court and fight for their rights.

Drawbacks of Consumerism

Environmental Degradation

The rise in demand for goods extensively pressured natural resources. Such as; water and raw materials, resulting in excessive energy use. Consumerism also encourages the use of chemicals. These are known to degrade the environment. In a nutshell, this provides more harm to the environment.

Moral Mortification

Increasing Consumerism tends to shuffle away societies from core values such as cohesion. Instead, there is an intense focus on materialism and competition. People tend to buy goods and services they don’t require to be at par or higher than everyone else.

Lofty Debt Levels

The debt level in society increases due to Consumerism. The number of people taking short-term loans such as payday loans to buy luxury goods has increased drastically. Many short-term loans aren’t channelled into constructive use today.

Mental Health Complications

Consumerism increases debt levels, resulting in mental health problems like stress and depression. Finding the latest trends might be exhausting to the mind and body. Especially, when you have limited resources. Consumerism forces people to work harder, acquire more and spend less time with loved ones. It can negatively affect people’s overall well-being in the long run. Since research has shown that people don’t get valuable and long-lasting fulfilment from materialism.

Lack in Providing Accomplishment

When people primarily focus on materialism, they often lack long-lasting fulfilment. And, all this happens because of consumerism. People may earn high at some point. But, this makes the chance of earning a high salary pass from sight.

Consumerism Together With Capitalism 

Consumerism increases the product consumption by the customer. And, its main aim is to govern the market. The primary purpose is to increase the consumption of goods. By encouraging customers to buy the product. Well! it is of 4 types, i.e.,

  • Routine purchases
  • Limited decision making
  • More decision making
  • Consumer impulse buying. 

Consumption had increased when Consumerism took place. Now let’s discuss Capitalism.

Capitalism means the people have private ownership of the company. Based on the generation of profit from products. It is of 2 types:

  • Market economy
  • Planned economy

Wherein, in a market economy, the goods and services are produced individually. This is based on demand and supply in the general market. But, in a planned economy, central planning delivers goods and services. Also, the capitalist market has many buyers and sellers. As it gives sellers absolute freedom to buy the products according to their choices by looking at their needs. Capitalism has a free market whose motive is individual profit rights. The state’s limited intervention in production and consumption is also a reason. It provides a suitable environment for Consumerism for its growth. 

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Materialism Kindred with Consumerism 

Materialism refers to people’s tendency to consider material possession. Individual control can know one’s worldly possessions, like cars, gadgets, clothes, jewellery, shoes, etc. When people become materialistic, there is an increase in acquiring goods and services, leading to Consumerism. 

Materialistic people with high levels consider material possession very important to their lives. And, this importance placed on material possession varies from person to person. By giving huge customers to Consumerism. 

Up-shots

  • Consumers are the key driver of the economy who will be better off consuming goods and services in large quantities.
  • Some economists said that consumer spending arouses production and economic growth.
  • Consumerism has been widely analyzed for its economic, social, environmental, and psychological effects. 

Also, Read: Sale and Promotion.

Conclusion

Consumerism has some good and as well as bad sites. Consumerism drives economic growth and development. It also strengthens the standard of living of people in societies. Although, with its good points, it also comes with a fair share of problems. That is ranging from environmental issues. And, moral degradation to higher debt levels or mental health problems. Since we are also in a consumerist society, it is advisable to live a balanced life. A person loves the things in common that must be a part of their life. But, it should not come at the investment that will affect their mental health. And, also disturb their financial stability. All this determines how much importance education holds in our life.

Frequently Asked Questions

Question: Why is Consumerism increasing?
Answer:
Consumerism boosted in eighteen century when people find embraced luxury consumption. The increasing interest towards the fashion people follows the latest trends. This resulted in increasing the production of products. The growth of Consumerism also is attributed to politics and economics. 
Question: What is increasing Consumerism?
Answer:
The desirable goal of increase of consumption of goods and services. This gives the idea of Consumerism that well-being and happiness depend fundamentally. 
Question: When was the rise in Consumerism?
Answer:
In the 18th century, people were finding showing interest in fashion. This led to an increase in the variety of clothes, food, and household items. Then, shopping became an important cultural activity. And, that resulted in the rise of Consumerism.
Question: How does Consumerism affect our society?
Answer:
Consumerism results in global inequality. The happenings of consumerism result in a society where the rich get richer and the poor get poorer. This creates a massive gap between them.
Question: How is Consumerism destroying the environment?
Answer:
The production of goods increases with an increase in the demand for goods and services. This creates social and economic problems. All this lead to more pollutant emissions, improved land use, deforestation etc.
Question: Does Consumerism lead to global warming?
Answer:
Production or use of household goods was 60% responsible for global greenhouse emissions. Due to our consumer habits driving climate change. And, this destroys our environment. The purchasing power of people results in pollution, purchases, limited decision making etc.