In the previous times, numerous citizens tend to go shopping only when there is a need, but nowadays this trend has become a free time activity. However, this resulted in the reduction of the importance of money anymore. I have a complete inclination towards the statement and the explanation will be articulated in the subsequent paragraphs.
To commence, the first and foremost reason is the increase in the phenomenon known as consumerism. To explicate, various people are involved in consumption of materialistic goods irrespective of it’s need in one’s life which results in instability in the family’s finances. Secondly, the earning capacity of the natives has also increased to a great extent. This is caused by enhanced job opportunities, which in turn affects the spending habits of the population. to support my statement, a survey was conducted by shopping authorities of Chandigarh, which revealed that the expenditure rate of the folks has intensified to roughly 77% in 2024, which was 4 times higher as compared to earlier time.
Moving further towards the other explanations, primarily, due to the enhancements in technology, e-commerce has evolved to a large extent to attract more and more customers. To elaborate this, numerous online shopping site are being introduced to the markets including Myntra, Ajio.com and many more. Furthermore, these sites use umpteen tactics to attract shoppers like heavy discounts, which encourage them to buy products over their spending limit. for instance, due to the establishment of EMI system to numerous online plus offline brands, people are generally not aware about their expenditure and lands into debts and financial instability.
to conclude, people should buy things depending upon their necessity in life but not as a status symbol. In addition to this, importance of money should be made understood to people as it could be saved for future generations.