Week 1 Flashcards
what is a subsistence level of consumption?
consuming the necessities of life- food, shelter, clothing
what does the consumer revolution refer to?
-period from 1600 to 1750
-increase in the consumption and variety of luxury goods and products
what did the consumer revolution mark?
change from a life of frugality and scarcity to one of increasingly mass consumption in society.
what was the 1st wave of consumerism 1920s onwards like?
-Post-WWI, famine and starvation declined in industrialized nations.
-U.S. production (1860-1920) grew 12x, while population only tripled.
-Labour reforms reduced seven-day workweeks and 14–16-hour days.
-Economic growth improved security for most of the U.S. population.
what was the 2nd wave of consumerism post WW2 like?
-Post-WWII: Consumer culture rebounded.
-Advertisers leveraged TV and debt financing.
Radio (1921) boosted 1920s consumption.
-TV revolutionized advertising with imagery.
-Luxury became widely accessible.
what is consumer behaviour?
-Involves all people, classes, and life stages.
-Covers goods, needs, desires, politics, and beliefs.
what is the postmodern consumer like?
-Fragmented identities, multiple selves.
-Blurred production-consumption divide.
-Consumption symbols (“signs”) dominate.
-Hyperreality shapes experiences.
-Critiques modern capitalism.
fragmentation and multiple selves:
-Fragmented identity, no single “type.”
-Roles: chooser, communicator, explorer, identity seeker.
-Also: hedonist, victim, rebel, activist, citizen.
-Engages in a “pick and mix” approach to self.
breakdown between production and consumption:
-Consumers play an active role in value creation, beyond consumption.
-Reversal of production-consumption: Consumers challenge producers’ traditional roles.
-Consumers now demand involvement in customizing products and processes.
-Marketers must allow consumers to participate in production
Hyperreality:
-Hyperreality is the simulation of what was once real or imagined.
-It involves recreating a simulated past as reality.
-Examples: Las Vegas’ Venice, Trafford Centre as Pantheon, Disneyland.
Consumption symbols-the sign:
-Shift from “knowing” subject to “communicative” subject.
-Rational system to symbolic system in the external world.
-Transition from a cognitive (modernism) to a semiotic (postmodernism) world.
-Focus on symbol and sign manipulation rather than knowledge acquisition.
consumption and society:
-It’s not just about having things, but the role consumption plays.
- consumption activities in shaping society=very important.
what underpins consumption?
-Exchange Value:
-Use Value
-Symbolic Value
what is meant by ‘exchange value’?
The price a good can be exchanged for, based on consumer perception.
what is meant by ‘use value’?
The practical usefulness a good provides to the consumer
what is meant by ‘symbolic value’?
The symbolic meaning attached to goods, shaping social identity
what is meant by ‘underpins consumption’?
Perceived value drives consumer choices
