Consumerism and materialism often involve comparisons with others and, if it is perceived that others are doing better, resulting feelings of deficiency are understandable. With the immense amount of advertising we are bombarded with on a daily basis, it is unsurprising that there are many things we feel we want and need.
Such consumption beyond minimal and basic needs is not necessarily a bad thing in and of itself, as throughout history we have always sought to find ways to make our lives a bit easier to live. However, increasingly, there are important issues around consumerism that need to be understood. For example:
But equally important to bear in mind in discussing consumption patterns is the underlying system that promotes certain types of consumption and not other types. Inherent in today’s global economic system is the wasteful use of resources, labor and capital. These need to be addressed.
Read “ Effects of Consumerism ” to learn more. Last updated Sunday, January 05, 2014. It is well known that tobacco smoking kills millions. But it also exacerbates poverty, contributes to world hunger by diverting prime land away from food production, damages the environment and reduces economic productivity.
Consumerism is the theory that individuals who consume goods and services in large quantities will be better off. Some economists believe that consumer spending stimulates production and economic growth.
In general, consumerism has five main positive elements, including: Increases economic output and creates jobs. Leads to increases in wealth for companies. Promotes competition between companies.
The negative effects of consumerism include the depletion of natural resources and pollution of the Earth. The way the consumer society is working is not sustainable. We are currently overusing Earth's natural resources with more than 70 percent.
As well as obvious social and economic problems, consumerism is destroying our environment. As the demand for goods increases, the need to produce these goods also increases. This leads to more pollutant emissions, increased land-use and deforestation, and accelerated climate change [4].
Consumerism drives economic growth. When people spend more on goods/services produced in a never-ending cycle, the economy grows. There is increased production and employment which leads to more consumption. The living standards of people are also bound to improve because of consumerism.
Consumer behavior impacts quality of life by letting the consumers purchase or acquire whatever product or service they want and therefore having a quality of life. Every time a person wants to buy something he or she knows they have a quality of life due to the expenses of their product.
Consumerism affects the psychological health of the individual through erosion of the true self and replacing it with a false self, and the spiritual health of the individual by eroding our spiritual connections with nature and replacing it with consumption of goods and services.
In fact, our consumer habits are actually driving climate change. A 2015 study found that the production and use of household goods and services was responsible for 60 percent of global greenhouse gas emissions. Not surprisingly, wealthy countries have the most per capita impact.
Remember that consumerism is the emphasis on buying more and more goods and services, making sure that goods are always updated, new, and shiny. Needless to say, consumerism led to a massive rise in the efforts of marketers to encourage consumers to purchase more and more goods.
The Consumer Protection Act, 1986 was enacted for better protection of consumers' interests. It provides effective safeguards to consumers against defective goods, unsatisfactory services, unfair trade practices and other forms of exploitation. The law lays down a time frame for disposal of cases.
In comparison to the rich people whom the poor are exposed to every day, and the advertising and pressure which everyone is put under to consume is overwhelming particularly for those who cannot afford what they are told that they need, these people do indeed suffer poverty at the hands of consumerism.
Consumer behavior is the study of what influences individuals and organizations to purchase certain products and support certain brands. The six universal principles of persuasion are reciprocity, commitment, pack mentality, authority, liking and scarcity.