In many countries, as people are earning more these days, they are also spending money in buying more and more items. Do you think it is a positive or negative development?
Globally, it has been observed that increase in the disposable income of the people has led to changes in the consumption patterns that are fueling shopping. Many feel that it has brought many advantages to the economy m while others voice dissent.
There are umpteen number of benefits which can be highlighted due to this arrangement such as the growing demand of consumer products has pushed the producers and retailers to expand production of goods, thereby increasing the circulation of money, which gives a boost to the GDP rate, Similarly, this aspect has another latent benefit of rendering a wide array of opportunities of employment to various cross sections of the society which is in turn is beneficial for the economy of a country .
However, a sizable lobby is of the notion that this propensity is plagued by umpteen drawbacks. Being spendthrift is harmful as this often leads many to pile up things without having any real need of use to them, ultimately, squandering financial resources, and creating social wastage. As per studies conducted in the western countries like the UK, most shoppers were akin to mindless spending, which was resulting in inefficient consumption and tons of unused products being dumped without being used.
Similarly, this propensity inhibits optimal utilization of the existing resources, predisposing individuals and environment to complications. Where this rising penchant is making extravagant spenders to financial hardships, and causing irreparable damage to the environment, not only by heightening the pollution in all spheres of the environment but also escalating reckless milking of natural resources.
In hindsight, I feel that the drawbacks of profligate spending due to great disposable income clearly overshadow the merits: it is bound to have severe ramifications for individuals engaged in this appalling proclivity and the planet.
