Consumerism

Definition

Consumerism refers to the cultural and economic phenomenon of increased consumption and spending on goods and services. It is characterized by a strong emphasis on acquiring material possessions and the belief that personal happiness can be achieved through consumption.

Related terms

Mass production: The process of manufacturing large quantities of goods using standardized methods.

Advertising: The practice of promoting products or services through various media channels to persuade consumers to buy them.

Credit: A system that allows individuals to borrow money or obtain goods or services before paying for them, usually with added interest.