Consumerism is not coming to an end, but is undergoing significant changes, brought by the technical changes of the last decades. On the one hand, consumers are facing an increasing tyranny of choice, with more and more options to choose from - most looking similar in terms of their utility – and do not necessarily the cognitive capacity to make a rational choice. Technology has tried to simplify choice, by offering search engines capable of narrowing down options on the basis of practically limitless search criteria. On the other hand, new business models have challenged traditional pillars of consumerism, more specifically ownership and the accumulation of goods.
Overall, consumerism is here to stay, as possessions play an important role in the expression of identities.
The most interesting trend in that respect is that of switching from an ‘ownership model’ to a subscription model. From car-sharing platforms, to music streaming, companies have challenged consumers to accept the fact that they do not need to own a product to enjoy its benefits – be it a car, a CD / MP3 file or else. Convincing consumers’ to accept a switch to a ‘servitization’ of products has been a challenging one, but is what could most significantly change or challenge consumerism the way we know it.
Finally, one should not ignore the growing concerns that consumers have about the sustainability of the products or services they buy. Even though this started as a trend, followed by a minority of consumers, this has already challenged the way companies manufacture and market products. Some manufacturers of home appliances have, for instance, made a move towards producing products that can be repaired and have an extended lifespan. For instance, SEB offers a 10-year warranty that its products will be reparable.
Consumers are facing an increasing tyranny of choice, with more and more options to choose from.
Overall, consumerism is here to stay, as possessions play an important role in the expression of identities (see the seminal work of Belk, 1988 on this topic). Fashion is perhaps the best example, has it has traditionally been a large provider of consumer identities. An illustration of this would be the rapid development of fast fashion in the 1990s, allowing consumers who do not necessarily have large financial means, to buy multiple clothing that help them express their identities. These days, increasing possibilities of (mass)customization mean that consumers can express even more personalized traits of personalities.
As consumerism can be linked to evolutionary traits of accumulation of resources to gain a competitive advantage in partners’ selection, it can be a challenge to predict its end. The functions fulfilled by consumption go beyond the purchasing, use and destruction of products and services.