foxex: What Is 'Consumerism'?

Saturday, November 23, 2019

What Is 'Consumerism'?

Term of the Day | Words to Know

Consumerism is the idea that increasing consumption of goods and services purchased in the market is always a desirable goal and that a person's wellbeing and happiness depends fundamentally on obtaining consumer goods and material possessions. In an economic sense, it is related to the predominantly Keynesian idea that consumer spending is the key driver of the economy and that encouraging consumers to spend is a major policy goal. From this point of view, consumerism is a positive phenomenon that fuels economic growth.

Related to "Consumerism"

Consumer Spending As A Market Indicator

Using various individual retail sales figures may be one of the best indicators available for how to predict the coming months of retail economic activity.

The Disposable Society: An Expensive Place To Live

Resisting the trend toward consumption will boost your bottom line and bolster the environment.

Which economic factors most affect the demand for consumer goods?

Understand how key economic factors such as inflation, unemployment, interest rates and consumer confidence affect the level of demand for consumer goods.

Related Definitions

Economic Growth

Economic growth is an increase in an economy's production of goods and services.

Consumer Spending

Consumer spending is the amount of money spent on consumption goods in an economy.

Collaborative Consumption

Collaborative consumption is the shared use of a good or service by a group through an arrangement that divides the actual cost or purchase price.

Planned Obsolescence

Planned obsolescence is a purposeful strategy to ensure the current version of a product will become out of date or useless within a known time period.