Consumerism is becoming the hallmark of most world economies. In the West, it is a common phenomenon, but now even developing countries in the world are resorting to it.
Consumerism refers to the consumption of goods at a higher rate. The economy is judged by the production and selling of goods. The gross national product is the sum total of goods and services produced for a specific period at a specific time. The more goods produced and consumed by society the higher the growth rate of the economy. The prosperity of a nation is judged by the per capita income of individuals residing in it. The economy is considered to be” doing well” if the purchasing power of the people is high.