Consumerism is defined in scientific literature in two ways. The first interpretation is negative and rotates around the concept of overconsumption. It’s giving in to materialistic cravings and indulging in egoistic and rampant consumerist behaviour. The second one, though, is rather neutral and descriptive. In this respect, consumerism is considered a study of consumers’ behaviour which can be used to draw conclusions and help people make more informed decisions. To some extent, these two definitions  complement each other, as you can also come to some useful conclusions looking into negative behaviours.

Overspending is not an uncommon phenomenon these days. Due to the frivolous use of financial resources and sometimes as a result of the lack of elementary knowledge regarding the functioning of financial instruments, people end up in the trap of debt. According to the 2021 CNBC survey, an average American has over $90,000 debt to pay resulting from credit cards, personal loans and mortgages. While some of these commitments are taken up with the view to improving one’s future circumstances, for example student loans, many of them are results of living beyond one’s means. For that reason, skills, such as budgeting and managing your own spending, should be mandatory school subjects.

The contemporary economic boom has created a new class of consumers, the so‑called status‑seekers. Everything, from a water bottle to a car, becomes a manifestation of such people’s position in the society, which is defined through money. However, there is a widening gap between those, who, through hard work, luck or sometimes barely legal practices, managed to elevate themselves well above the average income and those who are left behind, at times through no fault of their own. Social inequality makes people question their value in society. They also experience anxiety and uncertainty about their future.

The study of consumers’ behaviour has brought about some positive outcomes. In response to such malpractices as planned obsolescence, certain regulations have been introduced to ensure fair treatment of buyers. Protection measures found their place in legal systems of individual countries as well as in institutions such as the European Union. Complaints, warranties and the right to return an item are now regulated by law, so consumers can be sure that if they follow the rules, their rights will be protected too.

Although sustainable consumption may sound as an oxymoron, these two words do not necessarily contradict each other. Consumption understood entirely as an economic activity can be studied and regulated. It means that decisions can be taken at any level of production, distribution and acquisition to prevent inflicting damage on the environment and, on the flip side, to promote responsible consumer choices.

Slow living is supposed to be positioned at the opposite end of the scale from consumerism understood as overindulgence. It’s a lifestyle built around mindfulness and appreciation of small pleasures mostly coming from nature and contact with other people. The assumption is that no great amounts of money or large numbers of objects are necessary to attain the state of happiness. People who decide to live their lives slowly can be successful professionals who, nevertheless, chose to focus on relations with the outer world more than proving their status through material possessions.