Technological advances have led to immense changes in consumption pattern which is accompanied by the cause of concern and intriguing possibilities. The numerous changes in consumption pattern have a considerable effect on employment, business models, and the society. Businesses today are forced to move swiftly to introduce new models and address new consumer needs. Consumption is the process where people make use of the final goods or services. However, consumption of goods and services varies over time as people’s needs, values, and attitudes change according to their life experiences.
Consumption changes through different generations
Three generations are often studied by researchers; Salient generation, baby boomers and millennials (Troska, 2016). In the study of consumption, generational studies are preferred to individual studies because consumer behavior is easily acquired from people who have similar core values, experienced the same historical, social, cultural, political and economic events during their coming of age (Chaney, Touzani, " Slimane, 2017).
The salient generation was driven by a need to save as they possessed discipline as a core value after experiencing the great depression and Second World War. Their consumption was on basic needs including security. The baby boomers generation came during the good times when there were liberation and television idealism. They sought to buy cars, and household items as that were the ideal in the suburbs through loans to pay them later (Chaney, Touzani, " Slimane, 2017).
Millennials, on the other hand, grew up in the technology era and their consumption is based on the need to earn and spend afterward. They are global-minded and can purchase products from all over the world due to the availability of online buying sites (Chaney, Touzani, " Slimane, 2017). However, their consumption is low as compared to previous generations due to unavailability of jobs in their fields and high student loans.
Causes of consumption changes
Economic growth, population increase, and globalization are the major causes of changes in consumption around the world (Sharma, Nguyen, " Grote, 2018). The Salient generation lived with the need to save as the economy was still weak after the war, but the baby boomers enjoyed economy growth which made their consumption level rise. Moreover, there was a population increase in the baby boomer generation which also contributed to the rise in consumption. Finally, the millennials experienced globalization that enabled them to consume goods from different parts of the world due to online platforms like Amazon that ease the access to these products.
Effects of consumption changes
Today, due to the internet, many individuals conduct extensive research on goods and services before making purchases (Taylor, 2015). This is as a result of the lessons learned from different generations based on their experiences. Businesses are employing multi-generational marketing to ensure their products are consumed while the society, in general, is more concerned with the effects of the goods and services on their wellbeing (Chaney, Touzani, " Slimane, 2017).
Conclusion
Consumption is constant, but its levels vary to either being high or low. Different generations consumed things differently depending on their values and experiences as well as the economy of the time. This fact will not change, and businesses will use marketers to maintain the level of consumption, but in the end, the consumer has the final say in their consumption.
Thesis Statement: Consumption of goods and services varies over time as people’s needs, values, and attitudes change according to their life experiences.
Point 1:
Evidence
Citation
The major generations include salient, baby boomers, generation X, millennials and generation Z have different consumption habits based on their different needs, values, and experiences.
Troska, L. M. (2016). The Study of Generations: A Timeless Notion. Undergraduate Honors Thesis. Retrieved from https://scholar.colorado.edu/honr_theses/1169
Point 2:
Evidence
Citation
The causes of consumption changes are economic growth, population increase, and globalization.
Sharma, R., Nguyen, T. T., " Grote, U. (2018). Changing Consumption Patterns: Drivers and the Environmental Impact. Sustainability, 10(11). doi:10.3390/su10114190. Retrieved from https://www.mdpi.com/2071-1050/10/11/4190/htm
Point 3:
Evidence
Citation
Extensive research on goods and products are made before by consumers before consumption.
Taylor, J. (2015, October 9th ). From Baby Boomers to Generation Alpha: The ScribbleLive Guide to Generational Marketing. Retrieved from Scribble Live: https://www.scribblelive.com/blog/2015/10/09/baby-boomers-generation-alpha-scribblelive-guide-generational-marketing/
Point 4：
Evidence
Citation
Multi-generation marketing strategy employed by businesses today
Chaney, D., Touzani, M., " Slimane, K. B. (2017). Marketing to the (new) generations: summary and Perspectives. Journal of Strategic Marketing, 25(3), 179-189. doi: 10.1080/0965254X.2017.1291173 . Retrieved from https://doi.org/10.1080/0965254X.2017.1291173
References
Chaney, D., Touzani, M., " Slimane, K. B. (2017). Marketing to the (new) generations: summary and Perspectives. Journal of Strategic Marketing, 25(3), 179-189. doi: 10.1080/0965254X.2017.1291173
Sharma, R., Nguyen, T. T., " Grote, U. (2018). Changing Consumption Patterns_Drivers and the Environmental Impact. Sustainability, 10(11). doi:10.3390/su10114190
Taylor, J. (2015, October 9th ). From Baby Boomers to Generation Alpha: The ScribbleLive Guide to Generational Marketing. Retrieved from Scribble Live: https://www.scribblelive.com/blog/2015/10/09/baby-boomers-generation-alpha- scribblelive-guide-generational-marketing/
Troska, L. M. (2016). The Study of Generations: A Timeless Notion. Undergraduate Honors Thesis. Retrieved from https://scholar.colorado.edu/honr_theses/1169/
