consumerism essay pros and cons

15 Consumerism Pros and Cons

Capitalism is a recent discovery in the history of human societies. Beginning in the 16th century in Europe, consumerism developed as a way to improve living conditions, secure food resources, and support job growth during the early stages of the Industrial Revolution. By the 18th century, it was a practice that expanded into several different industries, including fashion and luxury goods.

At the core of consumerism is an active competition for revenues. Businesses must provide the best possible product or service to consumers. If they are not the best, then the customer will go to a competitor. That trend forces companies to look at the specific reasons why people purchase items, allowing them to create goods or services which meet specific needs.

Now the rise of consumerism is impacting the developing world as the developed countries mature. You’ll find new advertisements for goods or services around the globe. Debt levels rise as people buy items they want. Innovative products continue to call for a purchase.

These are the consumerism pros and cons to evaluate today.

List of the Pros of Consumerism

1. Consumerism stimulates economic growth. When goods or services are demanded in a society, then businesses must work harder to produce those items. It creates a never-ending cycle of buying and selling which allows the economy to grow. Increased production levels lead to more jobs. Additional employment leads to better wages in local communities. Higher wages lead to more spending. As the cycle continues to grow, the standard of living continually rises. That process creates more home, food, and job security for the average family.

2. It also boosts creativity and innovation. Businesses must continue to offer new goods or services to encourage ongoing sales. The only way to provide opportunities like this is to invest in research and development products. Consumers are always looking for the next product which solves their pain points better, cheaper, or both. That desire for something better places a lot of pressure on companies to continue producing better items. Then the cycle of economic growth continues.

3. Cost reductions are encouraged because of consumerism. When a society focuses on consumerism, the goal is to create the best value promise possible for the consumer. To define value, companies must recognize the pain points of their targeted demographics. Then they must be innovative with their production techniques to keep manufacturing costs as low as possible. This combination keeps prices down, which then allows a consumer to purchase items without being overly indebted to the process.

4. It weeds out the poor performers naturally. Companies are forced to stay innovative when managing consumerism. There is no other way to be competitive. Anyone can enter the market with relatively few barriers to entry. The consumers will then have the final say as to who gets to stay and who leaves, based on their purchasing preferences. Although that causes some companies to go out of business, which means fewer jobs the best and the brightest almost always stick around.

5. Consumerism encourages freelancing, entrepreneurialism, and self-employment. People are encouraged to take risks in a society which encourages consumerism. You’ll find more freelancers working on their own, securing contracts to work from home, in this type of society compared to others. Entrepreneurs who run “lean and mean” organizations have an opportunity to strike it big. Self-employment becomes an option because individuals provide high-quality services at prices much lower than the average competitor.

It is in these areas where real economic growth occurs.

• 99.9% of all businesses in the United States are classified as a small business.
• There are 8 million minority-owned small businesses currently operating in the U.S. right now.
• 58.9 million people in the United States are currently employed because of the structure of consumerism.
• Over 20 million people are employed by agencies with 20 employees or fewer.

6. It creates safer goods for consumers. When consumerism is the element driving society, then purchasers become familiar with their rights and responsibilities. They seek protection from faulty products or inadequate goods by holding companies to higher standards. If those standards are not met, then the purchaser follows a process to be made whole – often through the court system.

These standards may even include how the business treats their customers. If two companies sell a similar item at the same price, it is the customer service which will sway the value proposition.

7. Consumers are given more choices in this society. You can find more choices today than ever before in several product categories. New beverage flavors from Coca-Cola and Pepsi are introduced more often than ever before. You can find new potato chip flavors, mooncake flavors, and much more. Consumers even have the option to choose which celebrities they prefer to support by purchasing items that they choose to endorse. That is how consumerism improves the economy. You get what you want if you’re willing to pay for it.

List of the Cons of Consumerism

1. The economy takes precedence over the environment. When a society focuses on consumerism, the environment is usually the first element to see degradation occur. When consumers focus an increased demand for goods or services, the natural resources in the area come under pressure. Raw materials, water, and food products may experience scarcity. Because the best price possible is also encouraged, shortcuts happen too, such as using harmful chemicals to encourage a better price point. By the time all is said and done, consumerism does harm than good from the perspective of the environment.

2. It changes the moral fabric of society. Consumerism focuses on the personal ability to secure the best-possible goods or services when required. There are no ethics involved in this transaction. If you could achieve the lowest price when solving the most pain points, then you’re the best. No consideration is given on how you got there.

Families experience this shift in the moral fabric too. They feel a “need” to purchase goods or services that are not required, as if shopping were an addiction. These purchases occur to facilitate an equality in a society where everyone has access to the same products or services as everyone else.

3. Consumerism encourages debt. People take out short-term loans to meet the needs of consumerism more often than they do under different spending structures. Credit card purchases are frequent, especially during special events, holidays, or new product launches. For Black Friday 2018, consumers in the United States spent over $717 billion on items for the holidays, a 4.3% increase from the year before. Over $1,000 per person was spent for the first time. Compare that to 2005, when $496 billion was spent with an average of $734 per person.

The United States is often viewed as the world’s leader in consumerism. You’ll find the average American has 3 or 4 credit cards in their possession and are carrying a rotating debt of more than $16,000. When the net worth of a household is less than $5,000, their average credit card debt is just under $4,000.

4. It leads to health problems. When people encounter debt that will not go away, higher stress levels are sure to follow. Constant exposure to stress leads to ongoing health problems, ranging from insomnia to depression and other mental health issues. The only way to be successful when your focus is on consumerism is to work harder, earn more, borrow more, and spend more time doing these things. You have less time for relationships, hobbies, or time to yourself.

5. Consumerism does not provide fulfillment. Research consistently shows that people do not receive long-lasting fulfillment when their primary focus is on the materialism which occurs through consumerism. By the time someone starts earning $200,000 per year, the benefits of earning a higher salary disappear. People who make the most money tend to score the highest on a scale of negative emotions, reaching more than 50% by the time $360,000 is reached.

6. It can be used as a political tool. During the 1950s, Americans were lauded for their approach to consumerism. Some messages were so strong that people were told they weren’t patriotic if they chose to save money instead of spending it. During that decade, the U.S. economy grew by 37%. Families had 30% more spending power in 1959 compared to 1950 figures. Unemployment during the decade dropped to 4.5% at one point.

Despite all those advantages, 1 in 4 people still lived in poverty despite all the spending. It was one of the highest rates of poverty ever seen in the country outside of the Great Depression and wartime efforts, yet because of all the spending and the politics involved, it is often remembered as the best decade in U.S. history.

7. Consumerism conflicts with various spiritual beliefs. Jesus told the rich young ruler that all he had to do to enter heaven was to give away all that he had. Islamic law prohibits earning interest or paying it. Buddhism looks at hard work and steady efforts as a path toward prosperity and progress. Judaism believes in completing God’s creation while being smart stewards of money. Societies which are overly religious tend to avoid consumerism. Families who follow spiritual practices are often cast aside when living in consumerist lands. It is difficult to love money and God at the same time, and consumerism teaches that money should come first.

8. The poor are always left behind by consumerism. If you don’t have the money to pursue a choice, then you’re left with no choice. You purchase what you can afford to meet your needs. There is a negative stigma in consumerist societies involving people who ask for help. Even if you’ve been cast aside through no fault of your own, when you don’t purchase, then you’re not participating. You are cut-off from the very fabric of society until you can provide yourself once again. That creates a cycle which is difficult to break. You can’t participate because you’re not employed or poor, but you can’t get a job because you’re not engaged with society.

These consumerism pros and cons are not intended to be a judgment on the state of any society, individual perspective, or personal belief. They are a look at the facts. When the priority of society is to accumulate items, it does create jobs, but debt is also created. The positive cycles of economic growth are complemented by negative cycles of indebtedness. That is why many households are choosing to avoid consumerism when they can, with many feeling their lives are better because of it.

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consumerism

consumerism , in economics , the theory that consumer spending, or spending by individuals on consumer goods and services, is the principal driver of economic growth and a central measure of the productive success of a capitalist economy. Consumerism in this sense holds that, because consumer spending in most countries represents the largest portion of GDP, or gross domestic product (the total market value of all the goods and services produced by a country’s economy in a given time period), governments should focus on stimulating consumer spending as the most effective means of increasing economic output and GDP. (An alternative theory, sometimes referred to as supply-side economics , essentially reverses the roles of consumption and production, holding that stimulating production—e.g., through tax cuts, deregulation , and lower interest rates—results in increased consumer spending.) Many economists who accept some version of the theory of consumerism are also materialists in the sense that they believe that possessing and using consumer goods are necessary for individual happiness and well-being. In a contrasting sense, which concerns the psychology and behaviour of consumers, consumerism is a shared preoccupation with acquiring consumer goods that do not serve a genuine need or want, sometimes with the conscious (or unconscious) aim of projecting an elevated social status —a phenomenon that the American economist Thorstein Veblen identified as “conspicuous consumption.” Psychological-behavioral consumerism is a natural, though not inevitable, consequence of the pursuit of policies based on economic consumerism. In the United States , psychological-behavioral consumerism arose in the latter half of the 19th century and was widespread from the mid-20th century; it is now a common feature of industrialized economies throughout the world. Finally, consumerism in a broadly political or social sense consists of efforts by private organizations and governments to protect the interests of consumers by seeking improvements in the quality of certain types of consumer goods, alterations in the methods used to produce them (e.g., because of adverse effects on human health or the natural environment), or the elimination of business practices that are unfair or detrimental to consumers, including false advertising ( see consumer advocacy ).

The pursuit of policies based on economic consumerism has provided significant benefits to society, according to the theory’s advocates, the most important being economic growth and increases in individual wealth and income . But it has also created a number of very serious problems, many of which are associated with the psychological-behavioral form of consumerism described above. Those problems include the breakdown of traditional cultures and ways of life; the weakening of altruistic moral values in favour of self-regarding (indeed selfish) materialism and competitiveness; the impoverishment of community and civic life; the creation of environmental externalities such as pollution, high levels of waste, and depletion of natural resources; and the prevalence of negative psychological states such as stress, anxiety, insecurity, and depression among many individuals with consumerist ambitions. Some psychologists and other social scientists have also argued that psychological-behavioral consumerism is a product of the psychological manipulation of consumers through sophisticated corporate advertising and marketing campaigns.

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What Is Consumerism?

Understanding consumerism.

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Conspicuous Consumption

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The Bottom Line

Consumerism explained: definition, economic impact, pros & cons.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Consumerism is the idea that increasing the consumption of goods and services purchased in the market is always a desirable goal, and that a person's well-being and happiness depend fundamentally on obtaining consumer goods and material possessions.

In the economics sense, consumerism is related to the predominantly Keynesian idea that consumer spending is the key driver of the economy and that encouraging consumers to spend is a major policy goal. From this point of view, consumerism is a positive phenomenon that fuels economic growth.

Others view the drive to obtain more material possessions as a problematic, causing individual anxiety and eroding the social fabric.

Key Takeaways

• 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.
• Economists view consumption as about fulfilling biological needs & wants based on maximizing utility.
• Sociologists instead view consumption as additionally about fulfilling socially-inscribed needs and wants via symbolic transactions.
• Hyper-consumerism has been widely criticized for its economic, social, environmental, and psychological consequences.

Investopedia / Matthew Collins

In common use, consumerism refers to the tendency of people living in a capitalist economy to engage in a lifestyle of excessive materialism that revolves around reflexive, wasteful, or conspicuous overconsumption. In this sense, consumerism is widely understood to contribute to the destruction of traditional values and ways of life, consumer exploitation by big business, environmental degradation, and negative psychological effects.

Thorstein Veblen, for example, was a 19th-century economist and sociologist best known for coining the term “conspicuous consumption” in his book The Theory of the Leisure Class (1899). Conspicuous consumption is a means to show one's social status, especially when publicly displayed goods and services are too expensive for other members of the same class. This type of consumption is typically associated with the wealthy but can also apply to any economic class.

Following the Great Depression, consumerism was largely derided. However, with the U.S. economy kickstarted by World War II and the prosperity that followed at the end of the war, the use of the term in the mid-20th century began to have a positive connotation. During this time, consumerism emphasized the benefits that capitalism had to offer in terms of improving standards of living and an economic policy that prioritized the interests of consumers. These largely nostalgic meanings have since fallen out of general use.

As consumers spend, economists presume that consumers benefit from the utility of the consumer goods that they purchase, but businesses also benefit from increased sales, revenue, and profit. For example, if car sales increase, auto manufacturers see a boost in profits. Additionally, the companies that make steel, tires, and upholstery for cars also see increased sales. In other words, spending by the consumer can benefit the economy and the business sector in particular.

Some economists view increasing levels of consumer spending as a critical goal in building and maintaining a strong economy, irrespective of the benefit to the consumer or society as a whole.

Others, however, have grown quite concerned about the negative societal effects of hyper-consumerism.

The Economic Impact of Consumerism

According to Keynesian macroeconomics , boosting consumer spending through fiscal and monetary policy is a primary target for economic policymakers. Consumer spending makes up the lion's share of aggregate demand and gross domestic product (GDP), so boosting consumer spending is seen as the most effective way to steer the economy toward growth.

Consumerism views the consumer as the target of economic policy and a cash cow for the business sector with the sole belief that increasing consumption benefits the economy. Saving can even be seen as harmful to the economy because it comes at the expense of immediate consumption spending. 

Consumerism also helps shape some business practices. Planned obsolescence of consumer goods can displace competition among producers to make more durable products. Marketing and advertising can become focused on creating consumer demand for new products rather than informing consumers.

Political economist Thorstein Veblen developed the concept of conspicuous consumption in 1899, where he theorized that some consumers purchase, own, and use products not for their direct-use value but as a way of signaling social and economic status.

As standards of living rose after the Industrial Revolution , conspicuous consumption grew. High rates of conspicuous consumption can be a wasteful zero-sum or even negative-sum activity as real resources are used up to produce goods that are not valued for their use but rather the image they portray.

In the form of conspicuous consumption, consumerism can impose enormous real costs on an economy. Consuming real resources in zero- or negative-sum competition for social status can offset the gains from commerce in a modern industrial economy and lead to destructive creation in markets for consumers and other goods.

Sociologists view consumerism as symbolic consumption that may not maximize individual utility. Instead, it can serve as a signal to others and help establish one's identity. When it comes to being a consumer, social actors (e.g., peer pressure, in-groups, advertisers) limit your free choice.

Advantages and Disadvantages of Consumerism

Advocates of consumerism point to how consumer spending can drive an economy and lead to increased production of goods and services. As a result of higher consumer spending, a rise in GDP can occur. In the United States, signs of healthy consumer demand can be found in consumer confidence indicators, retail sales , and personal consumption expenditures . Business owners, workers in the industry, and owners of raw resources can profit from sales of consumer goods either directly or through downstream buyers. 

Disadvantages

Consumerism is often criticized on cultural grounds. Some see that consumerism can lead to a materialistic society that neglects other values. Traditional modes of production and ways of life can be replaced by a focus on consuming ever more costly goods in larger quantities.

Consumerism is often associated with globalization in promoting the production and consumption of globally traded goods and brands, which can be incompatible with local cultures and patterns of economic activity. Consumerism can also create incentives for consumers to take on unsustainable debt levels that contribute to financial crises and recessions . 

Environmental problems are frequently associated with consumerism to the extent that consumer goods industries and the direct effects of consumption produce negative environmental externalities . These can include urban sprawl, pollution, resource depletion, and problems with waste disposal from excess consumer goods and packaging.

Consumerism is also criticized on psychological grounds. It is blamed for increasing status anxiety, where people experience stress associated with social status and a perceived need to "keep up with the Joneses" by increasing their consumption.

Psychological research has shown that people who organize their lives around consumerist goals, such as product acquisition, report poorer moods, greater unhappiness in relationships, and other psychological problems. Psychological experiments have shown that people exposed to consumerist values based on wealth, status, and material possessions display greater anxiety and depression. In other words, science shows that consumerism does not make people happy at all.

Consumerism and the American Dream

“The American Dream” has always been about the prospect of success, but 100 years ago, the phrase meant the opposite of what it does now.

The original “American Dream” was not a dream of individual wealth and consumerism; it was a dream of social equality, justice, and democracy for the nation (first used widely in the 1916 elections).

The phrase was repurposed by each generation, until the Cold War, when it became an argument for a consumer capitalist version of democracy. Our ideas about the “American Dream” froze in the 1950s. Today, it can often mean consumerism.

What Are Some Examples of Consumerism?

Consumerism is defined by the never-ending pursuit to shop and consume. Examples including shopping sprees, especially those that engage a large number of people, such as Black Friday sales on the day after Thanksgiving.

Another example of consumerism involves the introduction of newer models of mobile phone each year. While a mobile device that is a few years old can be perfectly functional and adequate, consumerism drives people to abandon those devices and purchase newer ones on a regular basis.

Conspicuous consumption is yet another example. Here, people buy goods to show off their status or present a certain image. This doesn't always have to have negative connotation, as it can also signal pro-social behavior.

Is Consumerism Bad for Society?

While people need to be consumers in order to live and obtain our needs and wants, excess consumerism is widely thought to be a negative for society. Consumerism leads to negative externalities like pollution and waste. Moreover, consumerism begins to define people by what they own. According to some sociologists, mass culture popularized via the advertising industry creates consumers who play a passive role manipulated by brands, rather than as active and creative beings. There are systematic biases in the system which generate consumerism. If these system-biases were eliminated, many people would adopt a less consumerist lifestyle.

How Does Consumerism Shape Social Class?

Tastes and preferences for consumption goods are stratified by social class, not only in terms of monetary cost, but also appropriateness. Working class individuals tend to consume certain types of food, media, dress, and pastimes that may differ from those in the top 1% or higher strata. Consumption defines both self- and group-identity: People aspire to “consume up” to “keep up with the Jones’," but people fear downward mobility.

Consumerism is the propensity to consume and keep consuming. It is the drive to buy and own more stuff, and to define one's identity through what they own. Economists view consumerism as a positive for consumer spending and GDP growth. Others like psychologists and sociologists, however, see negative effects of rampant consumerism ranging from creating anxiety in individuals to social ills.

Kuhumba, Kevin Shijja. "Hyper-consumerism: Rethinking Virtue Ethics and Moral Solution in Contemporary Society."  Journal of Sociology, Psychology, Anthropology in Practice, vol 2, 2018, pp. 114-124.

Thorstein Veblen. " The theory of the leisure class." Routledge, 2017.

Association for Psychological Science, " Consumerism and Its Antisocial Effects Can Be Turned On—Or Off ."

Ivanova, Maria N. "Consumerism and the crisis: wither ‘the American dream’?."  Critical Sociology, vol. 37, no. 3, 2011, pp. 329-350.

Theodor W. Adorno and Jay M. Bernstein. " The culture industry: Selected essays on mass culture." Routledge, 2020.

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Essay About Consumerism: Top 5 Examples Plus Prompts

Consumerism is the child of capitalism; Here is a list of essay about consumerism examples and prompts you can read to further your understanding .

The word consumerism can seem daunting to some, but it’s pretty simple. It is defined as “a preoccupation with and an inclination toward the buying of consumer goods.” In the consumerist theory, people’s spending on goods and services drives economic growth- their spending preferences and habits determine the direction a company will go next.

Many businesses practice consumerism . It is a common belief that you must adopt a consumerist approach to succeed in your trade . Consumerism refers to people’s prioritization of spending on goods and services . They have the drive to purchase more items continuously.

If you are writing an essay about consumerism , you can get started by reading these essay examples.

1. What You Need To Know About Consumerism by Mark Scott

2. long essay on consumerism by prasanna, 3. consumerism: want and new pair shoes by tony richardson, 4. my thoughts on being a blogger & consumerism by anna newton, 5. consumerism and its discontents by tori deagelis, 1. does consumerism affect your decisions , 2. opposing consumerism, 3. how does consumerism negatively affect mental health, 4. how does consumerism positively affect mental health, 5. do you agree with consumerism.

“Although consumerism drives economic growth and boosts innovation, it comes with a fair share of problems ranging from environmental and moral degradation to higher debt levels and mental health problems..”

Scott gives readers an overview of consumerism in economic and social terms. He then briefly discusses consumerism ‘s history, benefits, and disadvantages driving economic growth and innovation. It also raises debt, harms the environment , and shifts society’s values toward worldly possessions rather than other people. Scott believes it is perhaps most healthy to find a balance between love for others and material things. 

“ Consumerism helps the consumers to seek redressal for their grievances against the unfair policies of the companies. It teaches the consumers about their rights and duties and helps them get better quality of products and services .”

In this essay, author Prasanna writes about the history of consumerism and its applications in India. First, it helps protect consumers from companies’ “unethical marketing practices.” For example, she cites policies put in place by the government to inspect food items, ensuring they are of good quality and prepared per sanitation standards. When used appropriately, consumerism serves the benefit of all. 

“Anything people see they buy without thinking twice and knowing that they already have brand new pair shoes they have not worn because there to focused on buying and buying till they see they no longer have space in their closet to put new shoes in.”

Richardson takes a personal approach to consumerism , recalling several of his friends’ hobbies of collecting expensive shoes. Advertisements and the pressure to conform play a big role in their consumerism , enticing them to buy more and more items. Richardson believes that consumerism blinds people to the fact that their standards and desires just keep increasing and that they buy shoes for unjustified reasons. Instead, society should be more responsible and remind itself that it needs to take importance above all.

“Take online creators out of the way for a minute, because the pressure to buy is everywhere and has been since the dawn of the dime. The floorplan of stores are set out in a way that makes you stomp around the whole thing and ultimately purchase more, ads on the TV, radio, billboards, in magazines discounts and promotions – it’s endless..”

In her blog The Anna Edit , Newton explains the relationship between blogging and consumerism . Bloggers and influencers may need to purchase more things, not only for self-enjoyment but to produce new content. However, she feels this lifestyle is unsustainable and needs to be moderated. Her attitude is to balance success with her stability and well-being by limiting the number of things she buys and putting less value on material possessions. 

“In a 2002 paper in the Journal of Consumer Research (Vol. 29, No. 3), the team first gauged people’s levels of stress, materialistic values and prosocial values in the domains of family, religion and community–in keeping with the theory of psychologist Shalom Schwartz, PhD, that some values unavoidably conflict with one another. ”

DeAngelis first states that it is widely believed that more desire for material wealth likely leads to more discontent: it prioritizes material things over quality time, self-reflection, and relationships. Increasing one’s wealth can help solve this problem, but it is only a short-term fix. However, a 2002 study revealed that the life satisfaction of more materialistic and less materialistic people is not different. 

Prompts on Essay about Consumerism

This is not something people think about daily, but it impacts many of us. In this essay, write about how you are influenced by the pressure to buy items you don’t need. Discuss advertising and whether you feel influenced to purchase more from a convincing advertisement. Use statistics and interview data to support your opinions for an engaging argumentative essay.

Consumerism has been criticized by economists , academics , and environmental advocates alike. First, research the disadvantages of consumerism and write your essay about why there has been a recent surge of its critics. Then, conduct a critical analysis of the data in your research, and create a compelling analytical essay.

Consumerism is believed to impact mental health negatively. Research these effects and write about how consumerism affects a person’s mental health. Be sure to support your ideas with ample evidence, including interviews, research data such as statistics, and scientific research papers.

Consumerism often gets a bad reputation. For an interesting argumentative essay, take the opposite stance and argue how consumerism can positively impact mental health. Take a look at the arguments from both sides and research the potential positive effects of consumerism . Perhaps you can look into endorphins from purchases, happiness in owning items, or even the rush of owning a unique item. 

In this essay, take your stance. Choose a side of the argument – does consumerism help or hinder human life? Use research to support both sides of the argument and pitch your stance. You can argue your case through key research and create an exciting argumentative essay.

For help with this topic, read our guide explaining what is persuasive writing ?

If you are interested in learning more, check out our essay writing tips !

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Home > Finance > Consumerism Explained: Definition, Economic Impact, Pros & Cons

Consumerism Explained: Definition, Economic Impact, Pros & Cons

Published: November 1, 2023

Discover the impact of consumerism on the economy. Learn about the definition, pros, and cons of consumerism in finance.

• Definition starting with C

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Understanding Consumerism: A Comprehensive Guide

Welcome to our Finance category where we dive deep into various aspects of the world of personal finance. Today, we are going to explore the concept of consumerism and its impact on our economy. Have you ever wondered how consumerism affects our spending habits and the overall health of our financial systems? In this blog post, we will break it down for you, explaining what consumerism is, its economic impact, and the pros and cons associated with this phenomenon. So, let’s get started!

Key Takeaways:

• Consumerism refers to the culture of acquiring and consuming goods and services in large quantities, driven by factors such as advertising, peer influence, and societal pressure.
• Consumerism has both positive and negative effects on the economy and individuals, including economic growth, job creation, increased standard of living, environmental degradation, and personal financial struggles.

Definition of Consumerism

Consumerism can be defined as the cultural and socioeconomic phenomenon in which the acquisition and consumption of goods and services play a central role in people’s lives. It is characterized by a constant desire for material possessions and the belief that happiness and success can be achieved through the accumulation of these possessions. Consumerism is driven by various factors, including advertising, social influence, and the desire for status and social approval.

The Economic Impact of Consumerism

Consumerism plays a significant role in shaping our economy. Here are some of the key economic impacts of consumerism:

• Economic Growth: Consumer spending is a crucial driver of economic growth. When consumers are actively purchasing goods and services, it stimulates demand and encourages businesses to invest, leading to economic expansion.
• Job Creation: Increased consumer spending leads to more opportunities for employment. As demand grows, businesses need to hire more workers to meet the increased production and service demands.
• Improved Standard of Living: Consumerism has led to the availability of a wide range of products and services, improving the overall quality of life for many individuals. It provides access to modern conveniences and advancements that enhance comfort and convenience.

The Pros and Cons of Consumerism

While consumerism can have benefits for the economy, it also has its drawbacks. Let’s explore some of the pros and cons:

• Increased Innovation: Consumer demand drives businesses to innovate and create new products and services that meet the evolving needs and desires of consumers.
• Job Opportunities: As mentioned earlier, consumerism leads to job creation, providing people with employment opportunities and supporting economic stability.
• Technological Advancements: In a consumer-driven economy, businesses invest in research and development, leading to technological advancements that benefit society as a whole.
• Environmental Impact: Consumerism often leads to overconsumption and excessive waste, resulting in environmental degradation, resource depletion, and increased carbon emissions.
• Financial Struggles: Excessive consumerism can lead to financial hardships for individuals and families. Overspending, credit card debt, and living beyond one’s means can have long-term negative effects on personal finances.
• Unsustainable Consumption: The constant pursuit of material possessions can lead to a sense of emptiness and unfulfillment, as true happiness and fulfillment may not lie solely in the accumulation of material wealth.

Consumerism is a complex and multifaceted phenomenon that has become deeply ingrained in modern society. While it drives economic growth and provides opportunities, it also poses challenges and risks. Finding a balance between responsible consumption and personal financial well-being is essential for individuals and the overall sustainability of our economy.

We hope this article has provided you with a better understanding of consumerism, its economic impact, and the pros and cons associated with it. Remember, being mindful of our consumption choices can help us lead more fulfilling and financially sound lives. Stay tuned for more insightful articles on personal finance in our Finance category!

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Pros and Cons of Consumerism

• Post author: Amos Gikunda
• Post published: July 11, 2023
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Consumerism is a socio-economic ideology that encourages the acquisition and consumption of goods and services. It has shaped modern society, influencing our lifestyles, values, and patterns of behavior. In this analysis, we will explore pros and cons of consumerism to better understand its impact on individuals and society.

• Economic growth: Consumerism stimulates economic activity, leading to increased production, job creation, and overall economic growth.
• Innovation and technological advancement: Consumer demand drives innovation, pushing companies to develop new products and technologies.
• Improved standard of living: Consumerism has contributed to higher living standards, providing access to a wide range of goods and services.
• Enhanced convenience: Consumerism offers convenience through the availability of products and services that cater to diverse needs and preferences.
• Access to a variety of choices: Consumerism provides a wide array of options, allowing individuals to choose products that align with their personal tastes.
• Personal fulfillment and self-expression: Acquiring goods can provide individuals with a sense of fulfillment and a means of expressing their identity.
• Job creation: Consumer demand fuels business expansion, leading to job creation across various sectors of the economy.
• Improved quality of products: Market competition driven by consumerism encourages companies to enhance the quality of their products and services.
• Increased philanthropy: Consumerism enables individuals and businesses to support charitable causes through donations and corporate social responsibility initiatives.
• Global interconnectedness: Consumerism has fostered global trade and interconnectedness, promoting cultural exchange and economic cooperation.
• Efficiency and productivity: Consumer demand incentivizes businesses to improve efficiency and productivity to meet market needs.
• Technological accessibility: Consumerism has made technology more accessible to a broader population, facilitating connectivity and communication.
• Entrepreneurship opportunities: Consumerism provides opportunities for entrepreneurs to identify and meet consumer needs with innovative products and services.
• Social mobility: Consumerism has the potential to enable upward social mobility as individuals have access to resources and opportunities.
• Advertising and creative industries: Consumerism fuels advertising and creative industries, supporting artistic expression and cultural production.
• Infrastructure development: Consumer demand for goods and services drives infrastructure development, benefiting communities and economies.
• Economic diversification: Consumerism encourages the diversification of industries and markets, reducing dependence on specific sectors.
• Exchange of ideas and knowledge: Consumerism facilitates the exchange of ideas, knowledge, and cultural practices between diverse communities.
• Improved customer service: Competitive markets driven by consumerism often lead to improved customer service and support.
• Investment opportunities: Consumerism creates investment opportunities as businesses seek capital to meet consumer demands.
• Overconsumption and resource depletion: Consumerism promotes overconsumption, depleting natural resources and contributing to environmental degradation.
• Environmental impact: Consumerism contributes to pollution, waste generation, and climate change through the production and disposal of goods.
• Debt and financial insecurity: Consumerism can lead to excessive borrowing, resulting in personal debt and financial instability.
• Materialistic values: Consumerism encourages materialistic values, prioritizing possessions and wealth over relationships and personal well-being.
• Widening economic inequality: Consumerism can exacerbate income inequality, as access to resources and opportunities becomes concentrated in the hands of a few.
• Decline of local economies: Consumerism often leads to the dominance of large corporations, squeezing out local businesses and economies.
• Emotional dissatisfaction: Relying on consumerism for happiness can lead to emotional dissatisfaction and a constant search for fulfillment through material possessions.
• Planned obsolescence: Consumerism can drive the intentional design of products to become obsolete quickly, creating waste and encouraging continuous consumption.
• Culture of excess and waste: Consumerism fosters a culture of excess, leading to unnecessary waste and disposal of perfectly functional goods.
• Psychological impacts: Consumerism can contribute to mental health issues such as anxiety, stress, and low self-esteem due to comparison and unrealistic expectations.
• Disconnection from nature and community: Overemphasis on consumerism can result in a disconnection from nature and a decline in community engagement.
• Loss of cultural diversity: Homogenizing effects of consumerism can lead to the erosion of unique cultural practices and traditions.
• Exploitation of labor: Consumerism may perpetuate labor exploitation in industries that prioritize profit over fair working conditions and wages.
• Displacement of indigenous communities: Consumerism can contribute to the displacement and marginalization of indigenous communities as resources are exploited.
• Health consequences: Consumerism’s focus on convenience foods and sedentary lifestyles can contribute to health issues such as obesity and chronic diseases.
• Social comparison and dissatisfaction: Consumerism fosters social comparison, leading to dissatisfaction and a never-ending desire for more.
• Disposable culture: Consumerism promotes a disposable culture, discouraging repair and encouraging the disposal of items.
• Dependency on external validation: Consumerism can perpetuate a reliance on external validation and material possessions for self-worth.
• Marketing manipulation: Consumerism is often driven by marketing strategies that manipulate desires and create artificial needs.
• Loss of time and focus: Consumerism can consume significant time and energy, diverting attention from more meaningful pursuits.
• Economic growth
• Innovation and technological advancement
• Improved standard of living
• Enhanced convenience
• Access to a variety of choices
• Personal fulfillment and self-expression
• Job creation
• Improved quality of products
• Increased philanthropy
• Global interconnectedness
• Efficiency and productivity
• Technological accessibility
• Entrepreneurship opportunities
• Social mobility
• Advertising and creative industries
• Infrastructure development
• Economic diversification
• Exchange of ideas and knowledge
• Improved customer service
• Investment opportunities
• Overconsumption and resource depletion
• Environmental impact
• Debt and financial insecurity
• Materialistic values
• Widening economic inequality
• Decline of local economies
• Emotional dissatisfaction
• Planned obsolescence
• Culture of excess and waste
• Psychological impacts
• Disconnection from nature and community
• Loss of cultural diversity
• Exploitation of labor
• Displacement of indigenous communities
• Health consequences
• Social comparison and dissatisfaction
• Disposable culture
• Dependency on external validation
• Marketing manipulation
• Loss of time and focus

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Business Management & Marketing

What is consumerism impact, importance, pros & cons, introduction .

Love it or loathe it, we live in a world of consumerism and it influences our choices and ultimately decisions. You may think that you’re in control of everything you choose and buy from the market, but the marketers and advertisers make decisions. Today, we’ll discuss what is consumerism; conspicuous consumerism, its impact, importance, and pros, and cons.

What is Consumerism? 

The focus and goal of consumerism are to increase the sale and consumption of products and services. The idea behind it is that the happiness and wellbeing of a person rely on acquiring and possessing material and consumer goods. From the economic and Keynesian point of view, the main driving force of an economy is to encourage consumers to increase their spending. That’s why it has a positive influence in fueling the country’s economic growth. In short, we can say;  

• The gist of the consumerism theory is that people would be happy when you utilize more products/services
• Economists suggest that more spending fuel the economic growth and production rate
• Many have criticized the impact of consumerism in terms of psychological, environmental, social, and economic reasons.

Explanation

In the capitalist economy, people live a high materialist lifestyle and that comprises conspicuous over-consuming, reflexive, and wastefulness of products/services. Consumerism refers to this state of being that people should live this type of lifestyle.

Many critics perceive that it is destroying the natural way of life and traditional values within society. They further say that big companies are exploiting consumers and resulting in the form of bad psychological impacts and environmental degradation.

After the great depression and WWII, consumerism helped the US economy to get back on its feet again. That’s why the term had positive connotations attached to it in the mid of 20th century. Its focus was on the benefits that the capitalist economy was offering like;

• Developing such economic policies that are focusing on the interests of customers
• Improving the standards of living

Economists said that when consumers increase their spending, then it is beneficial for both parties. Like it helps companies to increase their profit, revenue, and sales; and consumers derive benefits from utilizing the product/service. For instance, the auto manufacturer would enjoy profitability by the increase in the sale of vehicles. The sale of relevant businesses would also increase like tires, steel, and accessories. That’s how consumer spending offers a lot of benefits to the consumers and the economy.

Some other economists say that it’s a difficult goal for companies to establish and maintain economic growth by increased spending and consumption. It’s irrelevant to its benefits to society and consumers as a whole.

Conspicuous Consumption 

Thorstein Veblen came up with the concept and floated the term conspicuous consumption. It’s when consumers buy, utilize, or possess a certain product/service, then they not only derive direct-use-value but also send a signal of economic and social status.

The standard of living of people has increased significantly since the industrial revolution, so has conspicuous consumption. Its high price usually falls under the category of negative or wasteful zero activity, because it consumes real resources not to produce really useful products rather than the image they represent.

It’s such a form of consumerism that imposes a lot of cost on the country’s economy. Here it consumes real resources for the sake of commercial benefits and social status. However, it results in the form of destroying the market for consumers and other products and services.

Impact of Consumerism 

Keynesians macroeconomists say that the main target policymakers in an economy are consumer spending via monetary and fiscal policy. High spending creates a major share in the country’s GDP (gross domestic product) and aggregate demand. Therefore, the government sees the best way to improve the country’s economic growth by amplifying the spending of consumers.

It perceives consumers as the target cash cows and economic policy of businesses and companies, and it believes that more spending fuels economic growth. Savings lower consumer spending and it’s harmful to the economy.

Many business operations and functions happen due to consumerism. It helps you to develop better products and displace the competition by making certain products/services in a planned way. Most importantly, it creates the demand of the product/service in consumers by marketing and advertising rather than using marketing only to inform customers.

Importance of Consumerism 

Consumerism plays a significant role in the economy. It makes sure that the people would be willing to spend, and the money would circulate in the country and won’t stick in the few hands. However, if spending decreases, then it would suggest problems like high-interest rates, higher unemployment rates, etc. One factor, consumption tells the overall health of the economy.

Pros & Cons of Consumerism 

Some of the main advantages and disadvantages of consumerism are as follows;

Advantages of Consumerism

• Higher spending causes more production of products/services
• The country’s GDP would increase
• Higher consumer demand is a sign of their confidence in the US
• More consumption and sale benefit both owners and employees either directly or indirectly

Disadvantages of Consumerism

• It has developed a materialistic culture and society that focuses on high quantity and costly goods rather than quality and traditional way of production
• It promotes globalization and trade of global brands which undermine the production of local indigenous products, and incompatible high consumption cause debt, recession, and financial crisis
• Many of the environmental problems occur because of the high production, spending, and consumption; and it results in the form of wastage of resources, ultimately more pollution
• It has made the mindset of people status-conscious, and often it causes stress and anxiety by keeping up with the social status
• Studies have shown that people exposed to consumerist culture, have a mindset of possessing materialistic things, status quo, and wealth conscious

Conclusion: What is Consumerism? Impact, Importance, Pros & Cons 

After an in-depth study of what is consumerism; conspicuous consumption, its impact, importance, and advantages and disadvantages; we’ve realized that consumption plays a significant role in the country’s economic growth. The criticism is also worth considering, therefore, a middle ground would be better.

Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.

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The effects of living in a consumer society

Our society and economy are built on consuming goods. Production, distribution, and consumption make a never-ending circle, creating a consumer society. But what does consumer society mean?

What is a consumer society?

By definition, a consumer society (consumerism) is a society that cannot rise above the circle as mentioned earlier. It has ethical, sociological, economical, and anthropological meanings too.

According to a popular interpretation, living in consumerism gives us one purpose only: to create goods and services that people can own. The more you own, the more valuable you are. This approach leads to the withering of human relationships and personal values (such as love, acceptance, respect, openness, affection, empathy, and consideration).

Consumer society is related to capitalism. Mass production led to increasing salaries, and the expanded market made it possible to purchase goods… actually, more than needed. Previous luxury goods quickly become available, transforming the lifestyle of people, and the operation of a company. Companies now need to produce not only necessary goods but also luxury products.

The advantages and disadvantages of a consumer-based society

The goal is to make the upper levels of the Maslow pyramid achievable for the people. A consumer-based society provides multiple options to do so. With marketing and advertising, companies can keep society motivated to buy more and more products, or subscribe to their services.

However, living in a consumer-based society is not necessarily bad.

It is easy to live in a consumer society

First of all, not everyone over-consumes goods. Some people make conscious decisions and do not buy unnecessary things. Fortunately, the movement of conscious decisions is getting stronger every day.

But consumer society has one big advantage for sure: it is easy to purchase goods, which makes our lives easier and more comfortable.

The ‘dark side’: the growing ecological footprint…

Based on a sociological theory, living in a consumer society will not make people happier, despite having all the things they need.

By an economical approach, it is not sustainable to grow all the time, making it inevitable to have an economic crisis from time to time.

The biggest disadvantage is that by over-consuming, we harm our environment. Our ecological footprint is growing. Year by year, we consume more and more goods, thus overwhelming our environment.

Unfortunately, as we interfere with the circle of nature, we cause huge environmental pollution. We are the reason for 99% of environmental damage.

The root of the problem is that industries are using non-renewable resources for production. With renewable resources, we could avoid catastrophes. Also, factories should focus more on R+D to minimize the use of pollutant chemical compounds and create products with eco-friendly solutions.

The ecological footprint contains the use of:

• Built-up land,
• Carbon-needs.

Conclusion about consumerism

• Our society and economy are built on consuming goods. Consumerism means that the more you own, the more valuable you are.
• Companies must focus on creating values and establishing environmentally friendly production lines.
• We need to change our lifestyle and consume just as much as we need. Read more about minimalism .

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6 Pros and Cons of Consumerism

There is some truth to the saying ‘money makes the world go round’, and under consumerist ideology, that may very well be true. Consumerism in economics is an idea that encourages consumers to acquire and purchase products and services in greater and greater amounts. This is said to fuel trade and to keep economies alive, but it has also been said to reap negative effects on society. Learn more about the pros and cons of consumerism by reading through this short list.

List of Pros of Consumerism

1. Low Cost of Living If the whole world operated on the idea of consumerism, we would see cost of living in different countries decline. This is because manufacturers and companies would price their products at lower costs to encourage consumers to act and purchase in order to increase the consumption of goods and services.

2. More Jobs For companies to increase their output and production, they would need more staff, workers, and employees to answer for the greater consumer demand. This would generate more work opportunities and thus reduce the extent of unemployment.

3. Better for Business Whichever way you look at it, consumerism will always benefit business owners and companies. Even if they place their goods and services at the lowest possible costs, they can be sure to make a profit as long as increased consumption is encouraged.

List of Cons of Consumerism

1. Low Quality Products The problem with consumerism is that it will force manufacturers to use low end materials to create more goods. This also helps them to drive down costs, but ultimately reduces the quality of products and services leading to widespread consumer dissatisfaction.

2. Moral Implications When society is encouraged and driven to make purchases in larger and larger amounts, they might be driven to faulty moral reasoning. People become more inclined to think that material possessions are more important and are essential to true happiness, rather than intrinsic motivators.

3. Poor Work Environments and Terms Because companies would be forced to hire more, produce more, and sell more for less the cost, they ultimately spend more. The one group of individuals who will take the brunt will have to be the workers, who will be compensated poorly and who will have to work in poor employment environments and under unreasonable terms. This also helps businesses to cut back on costs, but in the end, causes workers to feel overworked and underpaid.

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Pros and Cons of How Capitalism and Consumerism Play Role in One’s Destiny

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IELTS Writing Task 2 Model Answer: Discussion on the pros and cons of consumer goods as most important part of people’s lives.

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IELTS Writing Task 2 essay with model answer

You should spend about 40 minutes on this task. Write about the following topic

Consumer goods have become the most important part of people's lives. Do the advantages outweigh the disadvantages?

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.

Model Answer :

In today's world, possession of materialistic goods has become an Integral part of a person's life. Consumerism has its own benefits and perils. This essay will critically analyze the advantages and disadvantages of the habit of possessioning more and more consumer goods. 

Undoubtedly, consumerism has its own advantages. Firstly, to cater to the ever-increasing demand of consumer products, the production and supply of these goods like mobiles, computers, and designer clothes have increased. So multinational companies manufacturing these goods are making huge profits, a share of which is helping the economy of the country. For instance, the sales of an Indian mobile company with a public-private company partnership has crossed the 100 crave mark, which has helped the Indian economy in the global market. Moreover, increased demand for these goods has led to a stiffer competition among manufacturers, thereby resulting in a significant decrease in the cost price of the products. To illustrate, over the last decade, the price of mobile phones has decreased steadily by about 5%. Finally, increased demand for materialistic products has given rise to various shopping malls, supermarkets, and online stores leading to increased jobs prospects for the local people. For example, our line shopping services have given employment opportunities to over 30% of the youth in urban India.

Moreover, just as a coin has two sides, consumerism has its own perils. To begin with, people often end up buying unnecessary products after being lured by attractive advertisements. This has led to a dangerous hoarding mentality. For example, a recently conducted survey showed that in an average household in the United Kingdom, 35% of the products purchased are never used! In addition, possession of these goods has become a status symbol for the consumers who are willing to run into debts in order to purchase these consumer items. A survey shows that the credit card debts have risen by 60% in urban India, and the inability of repaying often leads to total consequences like suicide and bank forgery. 

To conclude, I firmly believe that the advantages of consumerism clearly outweigh the disadvantages. Instead of criticising this trend, people should curb their mentality of buying more goods than necessary so that a balance can be struck.

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ADVANTAGES AND DISADVANTAGES OF CONSUMERISM

IELTS essay ADVANTAGES AND DISADVANTAGES OF CONSUMERISM

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