Some people get into debt by buying things they don't need and can afford. What are the reasons for this behavior? What action can be taken to prevent from having this problem?
In this consumer driven economy, owning redundant possessions is a commonly practiced custom by the human beings. Even in the low income group of people, this is evident. Being up-to-the-minute and status symbol in the pursuit of social contest along with influences of commercials are the major factors behind this norm.
To begin with, current age group is mostly focused towards the upcoming fashion that varies from latest gadgets to hottest outfits. This market group can easily be accessible through social or electronic media as well as online marketplace. Early bird booking of smart phone gadgets like 'Apple Iphone 7' or 'Samsung Galaxy' can be taken as an example where the majority buyers are actually own smart devices already. Moreover, attachment of celebrities with the trendy products also manipulates people from all income groups. For instances , female heroin's are usually seen as a brand ambassador of face whitening cream which easily attracts people from all around the world although mass knows that is not going to help them. Hence, the above makes it clear that sometimes people are exercising needless shopping only they are influenced by friends or relatives or even by social icons.
In order to stem this behavior, I firmly believe that appropriate education from social institutes like, family, school or community center can play a vital role to control this conduct. If juveniles as well as adults can get knowledge of real value of money as well as balanced lifestyle with career goals, then things can improve rapidly. Even, the Government can take initiative like imposing hefty taxes on luxurious products that I believe will positively correlate the less buying of unimportant stuffs.
As a concluding statement, I want to restate that adverse impact of advertisement as well as continuous demand of being fashionable opens the avenue to own less required belongings. To control this behavior, all kinds of social institutes should come forward and educating the society which can act as a catalyst to improve the situation.