Week-04 Response: Financial Crisis of 2008

Are media and social trends to blame for the inconsistency of market demand, or do you think there is something else that leads to high demand in one market?
By: Jacewat

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In this current day and age, I believe that social media, especially with celebrity influence, are some of the main causes of high demand in our markets. I believe that my generation and even our parents' generation are easily influenced by the ideas of people we view as successful and prominent in media and news. However, the things that are in high demand because of these celebrities I feel are not significant markets, in the sense of social progression, because they are usually promoting trends of clothing, arts, foods, tends to get skinny quick, or how to look young quick products. Because of the ever-changing view on what is a trend and the celebrity's constant money grab, they create an ever cycling market of demand that I believe sometimes leads to small companies overproducing when they become a trend at the moment but they are then no longer popular in the next moment.
However, for large business-focused markets, such as oil, materials, and technology, I feel we are influenced more by our governmental representatives and foreign representatives. While someone might argue that this is different than being influenced by celebrities and social media, I feel it is the same. I feel that in every market, whether trends or innovation, we are significantly influenced by media and celebrities. Every promoter is paid to tell you why one company is better than another or why one product is better than another. No market, in my opinion, would be in high demand if it were not first influenced by people of "importance".