Consumerism, in a broad sense, refers to the excessive desire for purchasing goods and services. It is often driven by commercialized marketing tactics and a culture that emphasizes material possession as an indicator of one's success and happiness.
Consumers have the right to safe products, accurate information, choice, and privacy. They also have the right to be treated fairly in their interactions with businesses.
Brand loyalty is when consumers favor one brand over others for personal reasons. It can lead to consumers purchasing goods they don't need simply because of a brand's reputation or marketing strategies.
Consumerism contributes significantly to environmental degradation through extensive use of natural resources, pollution from production processes and waste disposal methods. Overconsumption of goods also contributes to the amount of waste generated.
Businesses have a social responsibility towards protecting the environment, respecting human rights and creating sustainable products. Consumers can make more socially responsible choices by supporting companies that operate ethically.
Consumerism does not only affect personal finance but has widespread implications such as environmental damage, societal values, and economic inequality. As consumers become more mindful about their choices , businesses must become more accountable for their practices .