It is unequivocally true that many individual squander their currencies on collecting branded products. There are several reasons behind this trend and it can have negative effects on community. This essay will discuss the reasons for unnecessary buying and its impact on society.
Starting with the first question, local people buy more expensive items since they watch advertisements of them over social media platforms. As companies hire celebrities and social media influencers to market their products, it creates coaxing effect on viewers; which leads to unnecessary purchases. For example, it is very common on Instagram shorts to see different brands advertisements are done by micro influencers. Another crux is poor money management skills. When people are not aware of financing skills such as budgeting, saving, investing, it is highly possible that these money will be used on unimportant items.
Moving to setbacks, the most prominent deleterious effect can be financial strain. Rather than saving money from monthly expenses, when it is wasted on unusefull items, it can create imbalance on monthly budget. Which can lead to overall financial constraint on families and eventually on society. Another grave threat is not being able to save for the future. This means, if people will instead of saving money for their future, spend on collecting branded items. which consequently results in unable them to invest money in buying properties or houses. For instance, North Americans experienced several financial constraints while buying houses.
In conclusion, as wasting money on expensive products are becoming a trend due to heavy marketing strategies and lacking financing skills, it has some downside impacts on society such as financial strain and unable to save for the future.