Nowadays some countries encourage people to buy more and more products, which is good for economy. While others believe it is bad for the society. Discuss both views and give your opinion.

In contemporary society, there is a controversial debate around whether it is profitable or detrimental to a country when the government promotes the consumption of goods. Some people believe that boosting consumption can be beneficial to the economy, while others including me claim that it will eventually harm society. In

this

essay, I will discuss both sides with examples. On the one hand, there is no doubt that an increasing amount of buying products can help with an economic boost. Advocates of consumerism state that, the government’s encouragement of consumption can drive up the aggregate demand and supply increases in GDP.

For instance

, the lower interest rate of the Central Bank leads to citizens feel more confident to take out a mortgage on a house during the economic downturn.

Besides

that, the authority issues taxes rebate so that car owners can switch their old vehicles for newly fuel-efficient cars at a discounted price.

On the other hand

, critics of consumerism against that excessive spending bring disadvantages to the community.

This

is because over-consumption habits result in fewer savings and higher risk whenever an emergency happens. Taking the Covid-19 epidemic in Australia as an example, there

is

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numerous retailers in Melbourne who get stuck in a risky financial position because they have spent most of their incomes in advance while no income during the lockdown. Adding to the problem, a large number of Australians have loans to be paid when they have already struggled to support themselves.

As a result

,

this

phenomenon is harmful to social stability. In conclusion, even though consumerism is advantageous to promote the economy in a country, I believe it is undeniable that there are

also

drawbacks to our society.