It’s become economic heresy to reject shopping. Consumer confidence, so the Government tells us, is vital for the recovery of the economy. A splurge at M&S’s one day sale is the socially responsible thing to do, like buying bonds in the war. But I believe that it is our absolute right to save money rather than spend. After all, we worked hard to earn it.
Let’s be clear what economists mean by the term ‘consumer confidence’ – it is the willingness of the public to spend money on luxury items – essentially products that we don’t really need.
We consumers are the engine of the economy. But the fuel for this engine is debt. We’ve funded the last ten years’ boom on our credit cards – collectively owing £1.5 trillion – and we don’t have much to show for it. New cars halve in value the minute we drive them out the showroom, most gadgets become outdated or breakdown soon after their guarantee expires and clothes are virtually worthless once they’re worn. These luxuries are all very exciting when we are carrying them home from the shops, but as investments they’re worse bets than Woolworth’s shares. Essentially, we are being ripped off.
As an anti-consumerism campaigner, I’m frequently labelled as irresponsible when I encourage people to stop shopping. But the Government is being much more reckless, when they ask us to shop our way out of the crash. If ever there was a time to rethink our reliance upon consumerism, when the economic rules are being re-written, it would be now.
Tell us
Christina Gouzd
Posted: January 8th, 2009 at 1:04 pm
I agree that we must re-wire our consumerist brains, but when we do have to buy something (inevitably), we need to be able to make informed, ethical choices on products. Your shopping guide is helpful.
Ethically Chic
Posted: January 8th, 2009 at 1:07 pm
I agree that we must re-wire our consumerist brains, but when we do have to buy something (inevitably), we need to be able to make informed, ethical choices on products. Your shopping guide is helpful.