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The Evolution of Consumerism
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Industrial Revolution
Led to mass production, making products cheaper and accessible, significantly changing consumer buying patterns and spurring the growth of the wider economy.
The Roaring Twenties
Consumerism boomed with the rise of credit systems; people spent more on leisure, and the economy saw a short-term surge followed by the Great Depression.
The Great Depression
Sharp decline in consumer spending due to economic struggle, leading to company bankruptcies and a negative spiral in the overall economy.
Post-World War II Boom
Increased demand for consumer goods, a flourishing middle class, and suburbanization spurred economic growth and changed consumer habits towards home-ownership and automobiles.
1960s Counterculture Movement
Critique of mass consumerism led to a 'simpler living' mindset among some groups, which affected certain market segments.
The Creation of the Credit Card
Facilitated an increase in consumer spending by enabling easier access to credit, resulting in a debt-driven consumption model.
Oil Crisis of the 1970s
Shifted consumer behavior towards energy-efficient products, particularly in the automotive industry, highlighting a newfound economic vulnerability.
1980s Corporate Expansion
The rise of global brands and the proliferation of advertising led to increased consumerism and the solidification of consumer culture.
Internet Boom and E-Commerce
Revolutionized the way consumers shop by offering convenience, comparison shopping, and a broader range of products, impacting brick-and-mortar stores.
Financial Crisis of 2007-2008
Consumers became more frugal and conscious of spending due to economic downturn, real estate crash, and uncertainty, affecting several industries.
Rise of Social Media
Transformed marketing and consumer engagement, leading to the empowerment of consumers and the influence of social proof on purchasing decisions.
Mobile Technology Proliferation
Enabled on-the-go purchases and price comparisons, leading to more informed and spontaneous buying patterns and the rise of app-based economies.
Sustainable Consumerism Movement
Growing awareness of environmental impact led to an increased demand for sustainable and ethical products, affecting industry practices.
COVID-19 Pandemic
Led to a shift towards digital services and online shopping, with an emphasis on home-based products and health-related goods.
Emergence of the Gig Economy
Changed consumption habits as consumers turned to gig services for convenience, altering traditional employment patterns and business models.
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