Consumerism has become a norm in our societies today , in Nigeria it has become an evidence of good living , and wealth, even when the materials to be spent on don’t actually worth anything useful or important. Sadly some people do it unconsciously, or out of ignorance , they practice it but are unaware that they are doing it. Now
WHAT IS CONSUMERISM
At its core consumerism is mostly driven by the ideology that buying more and more stuff would make us feel happier, and. in the case in my country consumers purchase, own, and use products not for their direct-use value but as a way of signaling social and economic status, this ideology has led a lot of people, youths especially down the lane , as they search for the money to buy things as they like , to a large extent marketers , advertiser’s and our peers ,play crucial roles in promoting this belief, using persuasive techniques to convince us that we need the latest gadgets, fashion trends, and other products to be successful and happy. As a result, many people find themselves caught in a cycle of constant consumption, always seeking the next big purchase to satisfy their desires,they make it seem as if a person's well-being and happiness depend fundamentally on obtaining consumer goods and material possessions. And this has led to the destruction of valuable aspects of traditions, ways of life , and consumer exploitation by big companies .
WHAT ARE THE ECONOMIC IMPACTS OF CONSUMERISM
To understand this, let’s consider this example, after the industrial revolution , standards of living grew, and so did consumerism.
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. source.
It doesn’t end there, in consumer driven economies, companies have to rely on the populace buying their products, goods and services to stay alive, to this consumerism leads to a shift of focus of profit over quality, as companies now devise means to produce goods cheaper and faster, resulting to low quality and standard goods and services. As a result, consumers may end up with products that are poorly made or harmful to the environment.
BUT DOES IT HAVE ANY BENEFITS, OR DOES IT BENEFIT ANYONE ?
Well in a sense the answer is a big yes, advocates of consumerism point to how consumer spending can drive an economy this leading to increase in production of goods and services. As a result of increase in customer spending it could lead to increase in a country’s GDP . 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.
Now here’s the real deal.
WHAT ARE THE NEGATIVE IMPACTS OF CONSUMERISM?
Well to start with, it kinda fosters and promotes a sense of competition among peers, as to who would have the best outfit, the most expensive gadgets and stuff like that, thus leading to people feel unsatisfied with things they already own, leaving behind a culture of excess and waste, as people buy things they don’t essentially need, and discards them when they grow out of fashion, or no longer trend.
To the environmental, uncontrolled production of goods and services contribute to environmental degradations like, deforestation, soil, water and air pollution, and many other forms of environmental degradations , As consumers, we have a responsibility to consider the impact of our purchases on the planet and make more sustainable choices.
However,
ALL HOPE IS NOT LOST
This issue can still be addressed and moderated, if we can be more mindful of our purchasing habits, and not totally agree to everything advertisers put out for the public, and learn to overcome peer pressure, by prioritising quality over quantity, and questioning the reason why we purchase things, so as to be on the safer side.
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