The Importance Of Economic Growth

Decent Essays
Economic growth: The increase of economy is to some extent attributed to consumer culture as it drives the courage to spend more. In most of the consumer's oriented cultures, we have today, spending is seen as a need for satisfaction and happiness, and this perception helps economies during recession times (The Conversation, 2013). Developed world economies and manufacturing sectors culturally have embedded themselves to consumption ethics on ever increasing pace on high demand commodities that meet the development growth plans of increasing profits, wages, and employments. These factors spur the economic status of developed countries exponentially .as such developed economies have perfected the art of adopting and embedding consumption culture for growth (Sheth, Maholtra & Arnould). Social phenomenon: Spending behavior among peers is viewed as the bonding experience. Peers and friends enjoy doing the shopping together or families out together on the shopping spree are examples that demonstrate consumer culture as the social phenomenon and not an economic activity (Miller, 2009). There was an upsurge of market places that created a wider platform for consumer choices. Members of different social classes were able to mingle freely and recognized each other with respect and interpersonal significance. Marketers take advantages of such social integration to come up with strategies to make the products sell more, they also inform the buyers on the on the new products in stocks
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