MANAGEMENT

Detailed explanation-1: -What Is Consumerism? Consumerism is the idea that increasing the consumption of goods and services purchased in the market is always a desirable goal, and that a person’s well-being and happiness depend fundamentally on obtaining consumer goods and material possessions.

Detailed explanation-2: -consumerism, in economics, the theory that consumer spending, or spending by individuals on consumer goods and services, is the principal driver of economic growth and a central measure of the productive success of a capitalist economy.

Detailed explanation-3: -Consumerism is an economic theory that maintains that an ever-increasing purchase of goods and services in an economy is an indicator that such a country would be desirable economically. Consumerism is also a theory that places great value on the continuous consumption of goods and services.

Detailed explanation-4: -Consumerism drives economic growth. When people spend more on goods/services produced in a never-ending cycle, the economy grows. There is increased production and employment which leads to more consumption. The living standards of people are also bound to improve because of consumerism.

Detailed explanation-5: -Answer: Capitalism encourages consumerism. Explanation: According to Investopedia, consumerism refers to the tendency of people living in a capitalist economy to engage in a lifestyle of excessive materialism that revolves around reflexive, wasteful, or conspicuous overconsumption.