Consumerism: The new religion? How materialism has reshaped society

The desire for material goods and status has taken on a level of significance in our society previously reserved for extreme religious devotion.

At its core, it appears to be offering people a sense of identity, purpose, and belonging in a world where traditional sources of meaning may be uncertain or inaccessible.

Studies have consistently shown that individuals who prioritise material possessions over spiritual and social values experience lower levels of well-being and life satisfaction. The negative impact of consumerism on the environment and social inequality exacerbates its detrimental effects on human happiness.

The pursuit of consumerism and materialism at the expense of spiritual and social values has been shown to have a negative impact on individual well-being and life satisfaction. The negative consequences of consumerism are not limited to personal well-being, as it also contributes to environmental degradation and social inequality.

Therefore, it is important to reassess the values and priorities of our society to ensure that they align with long-term goals of sustainability and human flourishing.

Globalisation and the Rise of Consumerism

According to data from the World Bank, global consumer spending increased from approximately $21.8 trillion in 1990 to over $49 trillion in 2019. In the United States, personal consumption expenditures (PCE), which measures consumer spending, has steadily increased over the years.

In 1980, PCE was approximately $2.1 trillion, while in 2020 it was $13.7 trillion. This represents an increase of more than 550% in nominal terms. In Australia, household final consumption expenditure (HFCE), which measures household spending, has also increased over the past 25 years. In 1995-96, HFCE was approximately AUD 457 billion, while in 2020-21 it was approximately AUD 1.4 trillion. This represents an increase of approximately 206% in nominal terms.