Nowadays, with growing modernization, the need as well as the greed of people are on an increase. People are buying things which they won’t be requiring. And in many instances, they are purchasing expensive stuffs by taking loans or without assessing their financial capacity. And this, in turn, causes a viscious debt cycle from which it is really hard to recover. As a result, the need of the hour is to take steps to make people aware about conscious buying as per their requirements only.
One of the major reasons for this is the easy accessibility of expensive products to people of all economic backgrounds as a result of the sprawling malls and shopping centres in even the remotest of cities and villages. There is a misconception among people that being the owner of an expensive thing like an Iphone, Ipad or smartwatch provides one with a certain feeling of being rich. Subsequently, this provides an increase in their happiness quotient and an abstract sense of being victorious in a competition of social status. Also, with the advent of modern technology and the ever increasing love of people for various technological amenities plays a key role in their debt purchase. One such example of greed buy for showing off purposes was done by my distant cousin who brought an apple smartwatch even though the economic situation of his family was not so stable.
In order to avoid this scenario, a number of steps can be taken. And the key role in this regard should be played by the government. Higher the price of a product, more the amount of tax that should be paid while purchasing it. Although this may hamper the sales of products, but as the saying goes, “No omelettes can be made without breaking a few eggs”, this step may make people with middle class financial status to rethink before hastily purchasing it. Social media can also play a role through influencer pages to make the aware about the need and the actual role of a product. Apart from these, there should be some kind of restrictions on wrong informations through advertisements provided by companies to attract customers for the sale of their products.
To summarise, it is the role of the government as well as the individual to buy products consciously in order to save money for situations where it will be really needed thus ensuring the proper development of the individual and the country as a whole.