Road to 5**：Consumerism
【明報專訊】The Theory of the Leisure Class, published by American economist Thorstein Veblen in the 19th century, incorporates his analysis of consumerism. In the book he proposes the idea of conspicuous consumerism, arguing that people spend money not only to satisfy their survival needs, but also to demonstrate their social statuses. Wang Ning, a professor at the School of Sociology and Anthropology of Sun Yat-Sen University, believes that thanks to consumerism our desires are forever growing, and the satisfaction of our desires has become an important objective of some people's lives.
An economy driven by overspending
According to a report on the luxury market in China published by McKinsey & Company, an international consultancy, in 2018 money the Chinese's spending on luxury products in China amounted to 770 billion yuan, accounting for one third of the world's total. Between 2012 and 2018, more than half of the growth in the luxury market came from China.
Spending money not yet earned
In 2018 the Investor and Financial Education Council conducted a survey of 500 Hong Kong people between 18 and 54 who had shopped online over the previous six months. 68 percent of the respondents said that they were driven by impulse to shop online, and 18 percent had accumulated debts from online shopping they could not repay. Zhou Xiaochuan, former governor of the People's Bank of China, said in 2018 that financial technology was fueling credit development, even encouraging young people to spend earlier and on credit.
Over-packaging in online sales
Goods purchased online are often over-packaged. According to the State Post Bureau, in 2016 around 6.8 billion plastic bags were used for express delivery, and the paper boxes consumed were equivalent to 72 million trees. A report published by Green Peace in 2018 stated that in countries dominated by consumerism, most of people's old clothes are discarded, meaning that millions of tonnes of textiles are wasted around the world.
Commercialisation of festivals
When consumption is regarded as more important than the meaning of a festival itself, the festival becomes commercialised. The Mid-Autumn Festival, for example, was originally a time for familial union, but in recent years Hong Kong people's focus has been on scrambling for mooncakes of all flavours, buying more than needed. In 2018 Food Grace, a food recycling scheme, recovered more than 70,000 mooncakes, which was an all-time high.
Translated by Terence Yip
[通通識 第606期]
