The notion of consumption has changed and today, several streams of thoughts co-exist. The ancient Greek philosopher Diogenes famously showed his contempt for material things by living in a barrel. Since the industrial revolution, the rise of the middle class in developed countries has led to a growth in consumption. While on the one hand, the acquisition and display of material wealth are acceptable and even appreciated by a large section of society, another stream of thought advocates minimalism. The COVID-19 pandemic brought shifts in consumer behaviour. Lockdowns brought more people into the e-commerce fold. Due to the economic impact of the pandemic, the world witnessed a shrinkage of demand. But post-pandemic recovery and suppressed consumerism is now leading to ‘revenge shopping’. (Read More)
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