Indian society consists of three different classes, mainly based on income. The higher-income group can easily fulfill their demand for luxurious items. The middle-class group includes those who want to fulfill their necessities of life and luxury at affordable prices. Consumerism consists of acquiring those things which are luxury in nature and determine the standard of living and quality of life in society.
Higher-income group families can easily fulfill their demand. What about middle-class people? Middle-class families in the competition of maintaining the standard and keeping themselves updated according to society. Start increasing their expenditures on these luxurious items.
Their demand is rising. Indian middle-class families give importance to the brand name and feature of its product instead of its usability. The earlier decision was taken by elders of the family as they have to take care of families’ survival, so their expenditure was limited. There is an end to this system in today’s generation. And nuclear families spend more on lifestyle and luxury rather than savings.
In India the population of middle-class people is high. So, companies focus more on giving discounts like seasonal sales, festive offers, etc., to attract middle-class people as their promotional activities. They also offer payments like various cash discounts and cashback on various credit cards for hire purchases. But unchecked consumerism can force the consumer to fall into a vicious cycle of debt. Which is dangerous for both consumers and the country. But if we talk about the national income and per capita income.
There is a certain hike in the growth of national and per capita income. The middle class has not arisen uniquely as a consumer class. Yet, there is a rising number of fruitful finance managers, new companies, and business people who have a place with this class. Henceforth middle class is both the circumstances and logical results of monetary development.
What is Consumerism?
Consumerism is an idea that increases the possibility of consumption of goods and services bought in the market is consistently an attractive objective and that an individual’s prosperity and satisfaction rely essentially upon getting shopper merchandise and material belongings. According to Keynesian theory, buyer spending is the vital driver of the economy, and urging shoppers to spend is a significant approach objective.
Starting here of view, commercialization is a positive wonder that powers monetary development. Some economists believe that consumer expenditure leads to an increase in production and economic growth. However, consumerism has been widely blasting for its economic, social, environmental, and psychological consequences.
The need for solid consumerism in our country is on account of the following reasons:
- In an immense nation like India, it is tough to put together the buyers. Individuals other than backwards having a linguistic, cultural, and religious difference, which makes the problems quite difficult and complex
- The greater part of our populace is unskilled, uninformed, oblivious, and badly educated.
- Neediness, absence of social mindfulness, tolerating life, all things considered, and inactive standpoint are a portion of the elements which make customer development hard to increment.
- There may not be a good normal target for the buyers except for their craving for safe quality items, for a sensible cost, and a sensation of solid negative responses against the items. In the wake of huge scope creation and the variety and decision gave on the purchasers, a customer needs direction, which must be properly given by a buyer association.
- The ad barraged on the buyers makes them very confounded and, henceforth, a requirement for customer direction.
It may be very well seen that consumerism is acceptable, to a degree, for the economy. It has helped the working class all around the globe. India is yet to receive the benefits of its rewards. However, it’s unquestionably on the way to harvest it very soon.