Business
Advantages and Disadvantages of Consumerism
ADVANTAGES AND DISADVANTAGES OF CONSUMERISM
Advantages and disadvantages of consumerism. According to consumerism, acquiring consumer goods and material belongings is a necessary condition for one’s pleasure and well-being, and expanding one’s consumption of goods and services from the market is always a desirable objective. The tendency of individuals residing in a capitalist system to lead an excessively materialistic lifestyle centered around wasteful, ostentatious, or reflexive overconsumption is sometimes referred to as consumerism.\
ADVANTAGES AND DISADVANTAGES OF CONSUMERISM
Advantages Of Consumerism
Consumer spending has the power to propel an economy and boost output of goods and services, according to proponents of consumerism. The GDP may increase as a result of increased consumer expenditure. Consumer confidence metrics and personal consumption expenditures are all indicative of strong consumer demand. Sales of consumer goods can provide profits for company owners and owners of raw materials, either directly or through intermediaries.
Disadvantages
Although, Cultural arguments are frequently used to critique consumerism. Some perceive materialism as the result of consumerism, leading to a culture that disregards other values. There is a chance that the emphasis on consuming increasingly more expensive items in greater quantities.
Because it encourages the manufacture and consumption of internationally traded goods and brands, which may not be compatible with regional cultures and economic activity patterns, consumerism is frequently linked to globalization. Incentives to take on unmanageable debt levels
Also, insofar as consumer products industries and the direct consequences of consumption generate unfavorable environmental externalities, environmental issues are often linked to consumerism.
Examples
Examples include going on shopping sprees, particularly ones that draw a big crowd, like the Black Friday deals the day after Thanksgiving. The yearly release of newer mobile phone models is another illustration of consumerism. Even though a few years old mobile device may still be functional and sufficient, consumerism forces consumers.