Consumerism is a term that has gained immense relevance in the last decade as it pertains to consumer behavior. It is the notion that an increase in consumer spending may help to stimulate economic growth as well as ensuring that individuals are better off. In economic terms, consumerism is seen as a way to ensure that people fulfill their biological needs and wants through the acquisition of goods and services, usually with the goal of maximizing utility. This can be seen in the way that people become delightfully successful in acquiring the possessions that they need or want – such as those related to technological advancements – in order to make them lead a more comfortable life.

While economists have a main focus on the maximization of utility, sociologists have a different view on consumerism. Instead they view it as more than just simple purchases but also a way of expressing social identity. Through the acquisition of goods and services, people are able to express their identity in a variety of different ways. It is the acquisition of these things that then symbolizes a person’s success in life. As such, consumerism has become a way of life in a society where people believe that the possession of good characterizes their identity and personal worth.

However, despite the seemingly positive aspects associated with consumerism, there have been several critiques in recent years about its overall economic, social, environmental and psychological consequences. To begin with, economists have noted the increasing levels of debt that individuals are immersing themselves in in order to afford the increasingly expensive goods and services that they desire. Likewise, the impacts of consumerism on the environment have been largely negative. Hyper-consumerism in the form of production of the goods necessary to meet demand has caused notable air, water and soil pollution.

In addition to this, the psychological impact of hyper-consumerism has been noted too. As individuals continue to strive for more as a means of expressing their social identity, they may often find themselves in a neverending quest to purchase more goods and services. This, in turn, may have impacts on mental and emotional well being, such as depression and feelings of inadequacy and incompletion.

Therefore, while consumerism is seen as a means of ensuring economic growth, the consequences of hyper consumerism should not be taken lightly. It is fundamental that shifts are made in consumerism away from its current frequency and quality, so as to ensure a sustainable future.