Nowadays, many people spend money on luxury goods and special events. This is mainly caused by social media and modern advertising, and l believe this is negative trend because it harms personal finances and promotes materialism.
There are two main resons forthis spending behaviour. First, social media plays a huge role. Platforms like Instagram show pictures of wealthy and successful lifestyles, which makes people to buy designer brands or throw big parties to look successful in front of others. Second, some people has FOMO ( fear of missing out), and modern marketting tricks people with small advertising hacks. Platforms like Instagram and TikTok constantly show influencers and well-known people living glamorous lifestyles, which creates pressure to keep up with trends.
Although spending on luxury and events can have a few positive effects such as supporting businesses, creating jobs in fashion and motivating people to work harder. However, the negative consequences are much more serious. Firstly, excessive spending frequently leads to dept. Many people live beyong their capacities, using credit cards or taking loans from bank to pay for things that they cannot afford. When people focus too much on money, they often neglect more important values, such as genuine relationships and mental well-being.
İn conclusion, the growing tendency to overspend on luxury good and special events is largely driven by social media and desire to show off status that they do not even have. Enjoying nice things and celebrating special occasions is natural but finding a healty balance is essential for a better living conditions.