Ms. Ina Gard
Effects of Consumerism on Economy.
Consumerism is becoming the hallmark of most world economies. In the West, it is a common phenomenon, but now even developing countries in the world are resorting to it. It has become a latest trend not in young generation but also in adulthood. Consumerism is defined in many ways; some say it refers to the consumption of goods at a higher rate, whereas some say it’s a major crisis that world faces today. It is also known as a modern movement to protect the consumer against useless, inferior or rather dangerous products, misleading advertisements and unfair pricing. In simple terms it is referred as producing goods in favor of consumer. The process will be transmitted from one generation to another through social interaction, discussion with family, friends and work colleagues, TV shows we watch, the magazine we read social media and advertisements we are exposed. Consumerism has a major effect on the growth of American economy as it gives boost to the availability of goods and services, increase in the employment opportunities which increases the risk of reduction of the natural resources and psychological issues within the community. In consumer society, people replace their goods with newer ones. They purchase goods, use them and forget about the old one. Advertisements and social media play a smart role in advertising for the products. More production of manufactured goods and services has increased the advertisements world, (Shukla). Take cell phones for instant, it has become a need today. Elementary school students are given cell phones for safety reason, giving the growth to the production of cell phones. Furthermore, increases the employment opportunities directly or indirectly associated with the communication industry. Recently Apple has launched the new IPhone six which will be hitting the market late September 2014. With advertisements and proper marketing IPhone six is riding high in the economy today, giving growth in economy? Consumerism not only affects the local markets, it has its effects throughout the globe. The demand for education is rising, employers are on look for the candidates with a degree. This directly effects the education department as more and more students enroll for the education, whereas, more and more teachers are hired. The demand for more graduates employees are increasing. I am here today to earn my degree, and fall into the same category as other candidates and earn more salary to achieve my desires, which is spending countless hours in shopping mall. Unfortunately, consumerism is now the guiding force in our culture today. It is literally our well-being, self-worth and social status, which is simply tied to our consumption patterns. Reasonable pricing are also maintained through this movement. This theory is stated earlier in my essay where I said “protects us from misleading prices”. Prices are set, as what the consumers are willing to pay. Let’s look at the fast food industry for an example, consumers have certain price set in mind what one will be spending on lunch when entering the fast food restaurant. The process of consumerism keeps the balance in economy which leads to the ever spending market. Most people spend less money on the lunch then dinner and this once again protect the consumer from paying more money on the food. Saving from the meal money increases the purchasing power of other goods and services. Often introduction of a new process has its draw back on the society. In the same way consumerism have the negative effects on the consumers too. Consumers craving for goods are high, and the purchasing power is also high, therefore in any case they are unable to get the end product, this leaves the consumers dissatisfied. Consumers eagerly waiting for IPhone’s and if for some reason they are not able to get this product they will be very displeased and this will lead the...
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