Consumerism is an enormous world trend with numerous people transitioning from consumption of the basic needs to the acquisition of extravagant things. Some of which include the latest models of cars, better and up-to-date technological gadgets and visits to the most luxurious destination in the world. This trend has adversely affected wealth creation, the environment and mental health of individuals with
revenue acquired funding an unquenchable desire to own more.
While consumption is the purchase of goods and services to use them, consumerism, on the other hand, is defined as the human desire to buy and accumulate goods in excess while suppressing one’s basic needs. According to a 2017 Personal Financial Difficulties study by Fong and Partners, they argue that; Usually there is nothing wrong with spending money on anything pleasurable if you can afford it. So, if one can afford a Gucci bag worth USD 5,000 then, by all means, do so. However, the situation becomes challenging when the society portrays a need for, and entitlement of these products even when they cannot afford them. This has dire consequences to individuals and the society we live in causing massive inflation and widening the gap between the rich and the poor.
World events such as Brexit are fueled by people’s consumer habits and as retailers reap heavily, experts fear the worst for the world at large.
Share:

Leave a Reply

Your email address will not be published. Required fields are marked *