Consumerism – Benefits, Drawbacks, and the Best Way Forward

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February 8, 2023
Consumerism – Benefits, Drawbacks, and the Best Way Forward
Consumerism has been a prevalent aspect of modern society for many decades and has significantly shaped how we live and consume goods and services. The term refers to purchasing and using goods and services in large quantities, often driven by advertising, marketing, and consumer culture. The history of consumerism dates back to the industrial revolution, when mass production and consumer goods became available to the general public, creating a culture of abundance and consumerism.
Today, consumerism plays a significant role in our lives, impacting the economy, environment, and well-being. However, debates about its advantages and disadvantages raise the question, 'is consumerism more beneficial than it is destructive to our world?' In line with this, this article will initially provide a concise definition and history of consumerism, followed by an exploration of its positive and negative aspects and its impact on society. Overall, it is the author's belief that although consumerism has various adverse effects on society, a careful weighing of its advantages and disadvantages would show that it is the best way forward, especially when done sustainably.
The Economic Driving Force Definition
           Scholars and economists alike deem consumerism as an ideology that is the main driving force of society today. Generally, this economic ideology believes that people can achieve personal happiness and fulfillment by purchasing and using material goods and services. Specifically, Digunan noted that consumerism refers to the theory that "consumer spending, or spending by individuals on consumer goods and services, is the principal driver of economic growth and a central measure of the productive success of a capitalist economy."
History and Evolution of Consumerism
           Consumerism has its roots in the industrial revolution, where mass production and consumer goods became widely available to the public, increasing consumer demand. Before, "the notion of human beings as consumers first took shape before World War One but became commonplace in America in the 1920s" (Higgs).
Today, however, consumerism continues to be a driving force in modern society, with advertising, marketing, and consumer culture playing a significant role in shaping consumer behavior. Consumerism is a complex and multi-faceted phenomenon that impacts the economy, the environment, and individual well-being, making it an important area of study and exploration.
Significance and Impact of Consumerism
           As stated earlier, consumerism has paved the way for the current development and creation of the American nation. According to PBS.Org, "postwar consumerism was praised as a patriotic contribution to the ultimate success of the American way of life." It shaped the policies of modern nations while also influencing the current cultures and norms that exist in today's society. 
However, several scholars and activists alike believe that while consumerism has contributed to economic growth and improved quality of life, its adverse effects on the environment, social inequalities, and materialistic values necessitate balancing consumption with the responsibility to create a sustainable future.
Positive Aspects of Consumerism
Consumerism significantly impacts the economy's development, playing a crucial role in driving economic growth. First, consumerism causes the demand for goods and services to increase, which in turn leads to an increase in production and employment. This leads to higher economic growth as businesses expand and new job opportunities are created. Aside from an increase in demand, economists also believe that this mode also stimulates innovation and competition as businesses strive to produce better and more innovative products to meet consumer demands (Yin). These factors also In addition, consumerism creates investment opportunities, as individuals and businesses invest in stocks, bonds, and other financial instruments. The spending power of consumers has a direct impact on the overall performance of the economy, making consumerism a critical factor in economic development and growth. Ultimately, the combination of these factors explains the positive impact of consumerism on the development of a nation's economy.
           Aside from boosting economic growth, consumerism positively impacts the quality of life by fostering innovation and c...