Consumerism is an economic outlook that prioritizes the purchasing of goods and services as the driving force behind economic growth. Researchers study the spending and saving patterns of consumers to determine consumer confidence and the overall health of economies, particularly those based primarily on consumer spending, such as that of the United States. High consumer confidence is characterized by higher levels of spending and less saving as such behavior demonstrates an optimistic economic outlook. More spending allows money to move more quickly through the economy, allowing companies to expand production and presumably create jobs, raise wages, and improve overall standards of living.
While many economists regard consumerism as fundamental to maintaining and growing wealth, the term can also refer more...Read more