Time for meaningful consumerism

What is the current scenario around consumerism?

The landscape of consumerism has changed (and is still changing) a lot. Some two decades back, people used to hesitate to buy consumer goods which were not considered a necessity. Today, people lay hand on goods whether these things are actually needed by them or not.

With modern technology at the back, banks and financial institutions have been proactively capturing the profile of consumers and targeting them through emails, calls and messages offering pre-approved loan facility. More importantly, a trend is in place where banks chase consumers with their loan schemes to fund their every purchase.

These financial institutions and banks have loaded almost every family with a new norm of monthly equated installments (EMIs) through their consumer loan offerings. Here, this wave of consumer loans has taken the retail market by storm.

People are granted on the spot loans at the time of their purchase. So, even if it is beyond their financial capacity, they are tempted to buy anything which is otherwise unimportant for them to possess.