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The Evolution of Consumerism

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Industrial Revolution

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Led to mass production, making products cheaper and accessible, significantly changing consumer buying patterns and spurring the growth of the wider economy.

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The Roaring Twenties

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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.

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The Great Depression

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Sharp decline in consumer spending due to economic struggle, leading to company bankruptcies and a negative spiral in the overall economy.

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Post-World War II Boom

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Increased demand for consumer goods, a flourishing middle class, and suburbanization spurred economic growth and changed consumer habits towards home-ownership and automobiles.

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1960s Counterculture Movement

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Critique of mass consumerism led to a 'simpler living' mindset among some groups, which affected certain market segments.

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The Creation of the Credit Card

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Facilitated an increase in consumer spending by enabling easier access to credit, resulting in a debt-driven consumption model.

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Oil Crisis of the 1970s

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Shifted consumer behavior towards energy-efficient products, particularly in the automotive industry, highlighting a newfound economic vulnerability.

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1980s Corporate Expansion

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The rise of global brands and the proliferation of advertising led to increased consumerism and the solidification of consumer culture.

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Internet Boom and E-Commerce

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Revolutionized the way consumers shop by offering convenience, comparison shopping, and a broader range of products, impacting brick-and-mortar stores.

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Financial Crisis of 2007-2008

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Consumers became more frugal and conscious of spending due to economic downturn, real estate crash, and uncertainty, affecting several industries.

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Rise of Social Media

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Transformed marketing and consumer engagement, leading to the empowerment of consumers and the influence of social proof on purchasing decisions.

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Mobile Technology Proliferation

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Enabled on-the-go purchases and price comparisons, leading to more informed and spontaneous buying patterns and the rise of app-based economies.

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Sustainable Consumerism Movement

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Growing awareness of environmental impact led to an increased demand for sustainable and ethical products, affecting industry practices.

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COVID-19 Pandemic

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Led to a shift towards digital services and online shopping, with an emphasis on home-based products and health-related goods.

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Emergence of the Gig Economy

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Changed consumption habits as consumers turned to gig services for convenience, altering traditional employment patterns and business models.

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