CONSUMERISM-IN-THE-NEW-ERA

Dr. Rajeshwari Panigrahi

Associate Professor, Department of Marketing, GITAM Institute of Management

Ever expanding increase in the consumption of the goods is consumerism. Different parties see consumerism differently. Government finds it beneficial because increasing consumerism leads to increasing revenue for the government in the form of taxes and consumption keeps the economy moving.

The world around is changing so fast, that, as a consumer, I am unable to understand how fast change is good for the economy and will there be an end to this change any day. The world of communication is the fastest changing sector. In the last three decades, the system of communication has experienced metamorphic changes in terms of the technology available for communication. The technology available for communication has moved ahead from letters and telegrams to WhatsApp and emails leading to an unprecedented increase in the demand for the products which enable the consumers to use this technology. The technology available for communication has made people well informed. The middle class consumer who was identified by the possession of a scooter is now identified by the car he/she owns. The definition of all the class of population has changed. The previous generation had to struggle to get a cycle which then was costing Rs 500 and this generation gets an I-Phone.

All this is leading us to a generation which will end up in consuming everything that is earned. This vicious circle will lead to ever increasing consumption not for quality of life but just fancying goods for status. Generation X is taking the burden of the demands of generation Y without understanding that there is something more important than just consuming and succumbing to the generation of consumption.

We are heading towards an era of recession which once United States had faced. We were the ones telling them that consuming everything without thinking of the future led to this recession and now we are doing the same. Is India prepared to face this recession? This is what the generation which is earning and the generation which is spending has to think about. The Government has to think of more than just the benefits of Indirect taxes. The Government needs to start thinking of and making policies which would keep a check on this ever increasing consumerism and thus avoid the disaster which could follow.

The new generation is heading towards spending more than what is earned. Thus, future will be just not spending but credit spending and India could be at the gateway of recession. We all have to think about what kind of future we want.