Consumerism

The most basic products of an economic system that consist of tangible consumable items and tasks performed by individuals. Many business portfolios consist of a mix of goods and services that they offer to potential consumers via a sales force.

Understanding Consumerism

Consumerism is driven by consumer spending, which can include buying cars, iPhones, and homes. Consumer spending is the driver behind over 60% of the economic growth in the U.S.

As consumers spend, businesses benefit from increased sales, revenue, and profit. Companies, in turn, also spend money on manufacturing, computers, trucks, and hiring workers to satisfy the consumer demand for their products. The ancillary industries that supply businesses and consumers also do well. For example, if car sales are increasing, auto manufacturers will see a boost in profits. However, the companies that make the steel, tires, and upholstery for cars also see increased sales. In other words, consumerism can lead to benefits for the consumer but also the economy as a whole.

Consumerism is a social and economic order that encourages the purchase of goods and services in ever-greater amounts.

Early criticisms of consumerism are present in the works of Thorstein Veblen (1899).

Veblen's subject of examination, the newly emergent middle class arising at the turn of the twentieth century, comes to fruition by the end of the twentieth century through the process of globalization.

In this sense, consumerism is usually considered a part of media culture.

The term "consumerism" has also been used to refer to something quite different called the consumerists movement, consumer protection or consumer activism, which seeks to protect and inform consumers by requiring such practices as honest packaging and advertising, product guarantees, and improved safety standards.

In this sense it is a movement or a set of policies aimed at regulating the products, services, methods, and standards of manufacturers, sellers, and advertisers in the interests of the buyer.

In economics, consumerism refers to economic policies placing emphasis on consumption.

Happy Learning!

Anamika Gupta

IAAN