How Millennials are Buying their Way Toward Default?

Online Consumerism

Imagine you hear about someone who went bankrupt or has a lot of debt. What do you think about their demographics? Well, most people in this case think about a middle-aged man, generally who is involved in risky behavior, impulsive buying, maybe substance abuse, and not so educated. Not anymore. Millennials are proving this wrong and we can all blame it on hyperconsumerism. 

The new era of hyperbuying is pushing millennials and young people into debt. According to a recent study, millennials are one of the biggest loan acquirers. As soon as they leave college, they have a massive student loan, which just piles up when they eventually find it difficult to land a good job in their field. 

To make matters worse, millennials are the test generation of online shopping. From impulsive buying which is convincing people to buy a heap of useless things to getting instant debt to buy expensive luxury items, you will find the majority of these millennials joining the moonlight clan, which eventually pushes them into eternal poverty. 

While most people blame it on bad decision-making and emotional buying in the current generation, nobody talks about the manipulative and tempting marketing strategies used by companies. From signboards to social media and even your phone, everything is filled with subtle advertisements trying to convince us to buy more – even if we do not need it. What’s more, online buying and buy now pay later companies are pushing their agenda of consumerism. Now, with just your phone and good internet like Suddenlink Internet, you can start your online shopping spree right now. 

If you want to know why you keep buying things even when you do not need them, keep reading.

The Business of Data

Have you ever noticed that your online surfing is never completed without a few extra things in your cart? You will open your browser for some information, office work, or education but the next thing, you know you will be buying things you do not even need. If you have noticed this trend, you are not the only one. The online world is designed to push you to buy more. 

To make this possible big companies extract data regularly, they know your location, interests, spending limit, and earnings. The algorithm is so strong that it can predict consumer behavior with the help of data patterns and the way you use the internet. While this works perfectly for businesses, it promotes impulsive buying. This eventually leads youngsters to indulge in extreme shopping spree that they cannot afford. To further fortify this irresponsible buying, buy now, pay later companies have come into the online shopping arena.

The Buy Now Pay Later Cult

Buy now pay later companies help buyers purchase things that seem out of their buying range. From expensive appliances to simple household objects, you can buy anything even when you do not have money. These companies help you to divide the expenses in a way that you can buy things right away while you can pay for the same goods for the next few months. 

This buying process creates an illusion of cheap goods because you are technically buying a very expensive item at a very low rate. Eventually, this leads a whole generation into a habit of irresponsible buying. In Asian and European countries where these buy, now pay later companies are becoming bigger than ever, most of the millennials are already living out of their means. This eventually reflects on their daily decisions as well as their credit score, making them finically cripple in the long run.  

The Luxury Pushing Agenda

The luxury purchase agendas have changed in the recent era. More people are trying to pretend they are rich. From faking to be rich to opting for old money-themed goods, you will see broken people trying to create a rich illusion. There are so many extreme cases where people exploit this trend leading them into a criminal lifestyle. 

Just a few years ago, luxury goods were seen as a status symbol that only uber rich could afford. Now, people crippled with student loans and debt are also able to afford the luxury goods. From 1000$ sneakers to 25000$ bags, you will be able to buy anything with just a few clicks. This trend of extreme buying is very alarming as it is only strengthening reckless buying behaviors.  

The Online Consumerism Cult

Apart from the ease of buying means of advertisement have also changed. Now you will see people promoting high-end brands, extreme shopping hauls, and hyperactive buying behaviors. Imagine scrolling through your phone and stumbling upon a shopping haul, what will be your next step? You will look for the product in the description and the next thing you know the product will be at your door for pick up.

The online shopping cult is so strong that most people end up buying things that they do not need. From Chinese extreme gadget shopping to makeup hauls, most of the things shown in online advertisements are completely free for the advertisers but they can drain the budget of the viewer in no time. To make matters worse most of these companies use extreme means to advertise their products and inhume ways to amplify their production. 

Bottom Line

As technology is making the online shopping process easy and accessible for all, it has empowered people who are not eligible to make responsible decisions. This is only promising irresponsible buying which eventually leads people into financial destruction.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.