“What consumerism is, at its worst is getting people to buy things that don't improve their lives.” -Jeff Bezos. Consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts without regard to the problems that it may cause to the environment and our daily lives. Although consumerism offers benefits to corporations, consumers, and the economy, current production methods must improve to protect our natural resources and lifestyles, and to solve the higher debt level problems.
Consumerism gives a lot of advantages to the economy, corporations, and consumers. “Consumer spending accounts for roughly 70 percent of U.S. economic growth -- that amount has increased considerably, from 59.5 percent of the economy in 1969 to 68.1 percent of GDP in the third quarter of 2019, according to the Federal Reserve Bank of St. Louis” (Cohan). Consumerism helps to drive the economic engine of a consumerist society in that it creates jobs for workers and wealth for business owners. The continuous consumption of goods provides many people and industries with jobs and benefits for their businesses. Also, it helps the consumer by providing him with the best service, products, and maybe lower prices. It can help the business owner too, selling more products means getting more money. As well, business owners can raise the price since they feel that consumer confidence is high.
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Despite the benefits inherent in consumerism, many production methods are extremely harmful to natural sources and our lifestyles. 'Rising consumption has helped meet basic needs and create jobs,' Christopher Flavin, president of World Watch Institute said in a statement to the press. “But as we enter a new century, this unprecedented consumer appetite is undermining the natural systems we all depend on.' (Mayell). Consumerism is depleting the natural resources of the respective country. The cycle of consumerism ends with throwing the whole waste back into the ecosphere: waste gases into the sky, pollutants into water, and waste chemicals and toxins into the soil. This cycle will lead to global warming, which will eventually result in health problems. The natural habitat is being destroyed to create more goods and build more developments which then affect the weather.
As consumerism affects the environment and natural resources, this is going immediately to lead to an effect on our mental health and happiness. Everyone knows that we live in a world of consumerism. But few people recognize the full meaning of the damage it causes or the effects on each of us. We all know the environmental damage of consuming resources at the current rate. “Throughout the world, 60% more resources are consumed every year than the sustainable rate, driving the pollution and climate change that are documented in ever more distressing detail. Evidence about the effects of consumerism on mental health and wellbeing is also rising, and it makes similarly painful reading.” (Mayell). When it comes to consumerism, it’s unquestionable to society. Buying stuff we like, obviously, an an important role in our lives, but there are a lot of well-being studies that state that when we link our happiness with money and buying stuff this decreases life satisfaction, happiness, and energy, and increases depression, anxiety, and antisocial behavior. It is time to rethink our spending behaviors, rediscover thoughts in our buying, and remind ourselves that happiness is not lined with products in a store.
Despite all these problems caused by consumerism, it also affects the debt problems across the United States and the world. Consumer debt was approaching $ 14 trillion after the second quarter of 2019, according to the New York Federal Reserve. Certainly, consumers’ ability to finance new purchases can help the economy altogether, but this effect has its limits. When credit cardholders suffer too much debt, they end up having less spending ability, which can hurt the economy. Credit card users who carry a balance must also pay interest charges, which can ultimately reduce their ability to make new purchases. Debt can be dangerous for us too.
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