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
