Consumerist culture and its effects

 

Consumerism has seen its fair share of debate in the past few decades. On one hand, it helps boost the economy. On the other hand, it severely affects the behaviour of saving for the future.

The world now has an infinite number of companies, catering to the requirements of an ever-increasing population. The markets are flooded with goods arranged on shelves, that offer a huge choice to the buyers. The consumption of a particular product generates more demand of the product. This leads to both, increased prices and increased production. The corporates and the factory workers, whose united approach yield the desirable products earn more as profits and incentives, respectively. This further promotes more consumption of another set of goods, and the cycle of consumption and production continues. As the markets are linked together, this ultimately pushes GDP figures upwards. In this scenario, lack of sales of a product leads to innovation and strategy improvisation, ultimately benefitting the consumer.

Corporations have banked on this idea and promoted sales by incorporating new forms of demand through festivals and generating lifestyle trends. Trends like consuming cakes during Christmas and burning firecrackers in every celebration have become common. In fact, festivals like end-year vacations and Valentine’s week have further affected buyer behaviour. Likewise, the alarm clock and coffee machine has entered the daily routine of many professionals. Apparel, cosmetics and electronic goods have also been delineated based on activity, situation and occasion.

In the fear of missing out, a person often involuntarily tends to spend on things that he may not need.  This leads to increased dependence on products as well.  Further, the financial corpus usually reserved for emergencies and annuities is hindered.

Thus, a cautious and balanced approach need to be maintained.