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Tuesday 11 September 2012

Consumerism is not, and should not be confused with, consumption that satisfies essential human needs. Consumerism is the faith that meaning, identity, and significance can be found in material, commodity consumption, which in turn requires money. But since meaning and self-realization cannot be found there, nor basic psychological needs so met, consumers remain unfilled and are driven ever on to seek more possessions, which requires still more money, all of which is well understood by marketers. Richard Layard refers to the “hedonic treadmill” to describe the phenomenon whereby people become habituated to their new incomes and their new toys. “When I get a new home or a new car, I am excited at first. But then I get used to it, and my mood tends to revert to where it was before… . Advertisers understand this and invite us to ‘feed our addiction’ with more and more spending. However, other experiences do not pale in the same way—the time we spend with our family and friends, and the quality and security of our job. America the Possible: Breaking the Chains of Consumerism

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