ECON 2337 - Money, Finance, and the Modern Consumer Essay

ECON 2337 - Money, Finance, and the Modern Consumer - Essay Example at can only be satisfied through products and service of consumers are safety needs, physiological and biological needs, and esteem needs (Schor, 13). On the other hand, the needs that can only be satisfied though the products and services of non-consumers are love needs and belongingness, and self-actualization Conspicuous consumption is a type of consumption where consumers buy expensive commodities to display income and wealth rather than covering their real needs. Such consumers use such behaviors in maintaining or gaining a higher social status. In modern America, there is emerging conspicuous compassion, where Americans have publicly donated great amounts of money to charity organization so that their social prestige can rise. In the Maslow’s hierarchy of needs, conspicuous consumption fits in the esteem need status where it is characterized by status, reputation, responsibility, and achievement. What people acquire and later own is bound to the personal identity. Most people compare their possessions and lifestyle to a selected group that they most respect and like. This is what we call the competitive acquisition. Due to the evolution of 20th century, the focus groups are not their neighbors but rather those people that earn 3 to 5 times their income. This phenomenon has led to the national culture of new consumerism (Schor, 63). The new family groups entail the television families, models, and celebrities. In new consumerism, it is now built on the standard’s relentless ratcheting. The society has now grown on what they need. Today, there is a downshifting trend where the people dropping from the society, living ideologically and communally motivated. They now exist in the midst of American mainstream. However, those people swim against the current progress of the economy. The principles behind the shift include the control desire, voluntary restraints, and commerc ializing the rituals. The social media has had a hand in the competitive acquisition.