Consumption is an important element of human civilisation. The success of modern economies is dependent on, and measured a great deal by, the level and nature of consumption. From the hunter-gatherers whose consumption was survival-centric to the millennials for whom consumption is about fulfilling aspirations, the nature of consumerism has seen tremendous shifts.
Changes in consumption
The notion of consumption has changed and today, several streams of thoughts co-exist. The ancient Greek philosopher Diogenes famously showed his contempt for material things by living in a barrel. Since the industrial revolution, the rise of the middle class in developed countries has led to a growth in consumption. While on the one hand, the acquisition and display of material wealth are acceptable and even appreciated by a large section of society, another stream of thought advocates minimalism. The COVID-19 pandemic brought shifts in consumer behaviour. Lockdowns brought more people into the e-commerce fold. Due to the economic impact of the pandemic, the world witnessed a shrinkage of demand. But post-pandemic recovery and suppressed consumerism is now leading to ‘revenge shopping’.
