Question

Do you believe consumerism is still a pervasive part of our culture? Why or why not? How and why are we being taught to consume? Do you think this pattern of consumerism is changing with new generations of people?

Answer 1

Consumerism has its origins in eighteenth-century British Industrial Revolution. During the revolution, the supply of consumer products increased considerably as the use of computers increased. Consumer culture now involves people spending more on consumer items such as vehicles, electronics and clothes, rather than saving or investing. Consumers often often buy these items to keep up with trends, and constantly seek to improve the quality of products and services.

In many economically developed countries consumerism is widespread. Mass production of luxury goods, advertising saturation of ads and promotions for branded goods and services, and even increasing levels of personal debt suggest that more people are buying unsustainable goods. When a larger proportion of citizens buy goods and services beyond their needs, they consume more, they spend more, and that can create a cycle of demand that leads to higher output and higher employment, leading to even greater consumption.

The millennials ' desire to stay in towns has also had implications for the automotive industry. Owning a car has been an expression of freedom and personal identification in previous generations, wanted at a period when the suburban boom demanded more commuting and affordable when the fuel prices were low. But today's millennials don't care about cars: cities are growing, smartphone mobility provides freedom, and delayed family formation makes public transport easier to use. The potential for higher returns from companies that position themselves to benefit from the rising Millennials and Centennials consumption patterns will make them especially attractive to investors.