In the precent climate consumerism has become an indispensable part of our life. Nations have become increasingly alike due to capabilities of consumers to purchase various products regardless of their residence. While this trend has brought about numerous benefits, its potential drawbacks are also undeniable.
Globalization, on the one hand, lead to greater convenience for consumers and more diverse selection of production. Individuals can be able to buy their favorite brand of product everywhere they live at once instead of waiting for weeks and months to send it from foreign country. Furthermore, people have different choices to purchase. Take iPhone as an example that is available in almost all countries or travelers from the US can access to MacDonald’s in every country as a familiar food. Availability of foreign brands facilitates cultural exchange and at the same time a sense of a sense of global interaction. For instance, fashion brand like Zara can introduce new styles to different markets and make them familiar with other countries’ trend.
On the other hand, there are still exist some potential downsides. Loss of local and regional diversity, as well as a decline in traditional crafts and industries are primary result of globalization. Traditional crafts, like ceramics, are struggling compete with cheaper mass product components from other countries. Contribute to economic inequality, as large multinational corporations often benefit more from globalization than smaller local businesses. For instance, coca cola makes immense amount of money with in compare with its components. Additionally, local businesses will gradually be vanished with substitution by same products with known brand.
From has been discussed the following conclusion may be drown that while global market has some undeniable demerits like financial inequality for local markets in compare with enormous corporations, I am convinced that it has made global revolution in consumerism in which benefits are more dominant than downsides.