The Myth of the Death of the Consumer

Kevin Depew  Oct 22, 2009 3:50 pm

The Myth of the Death of the Consumer
 
To stop consuming is to stop communicating.
 

This morning I ran across two seemingly unrelated stories:

Is Happiness Still That New Car Smell?

-- New York Times, Oct. 21, 2009
 

The recession and a growing awareness of the environment are causing many people to reassess their automobile ownership. After more than a century in which an automobile represented the American dream, car enthusiasm may no longer be a part of Americans’ DNA.


And in the same newspaper, this piece:

No Budget, No Boundaires: It's the Real You
-- New York Times, Oct. 21, 2009
 

In a simulated universe like There.com, IMVU.com, or Second Life.com, the granddaddy of avatar-driven social networking sites, Ms. Rayna, an avatar on Second Life, and her free-spending cohort can quaff Champagne, teleport to private islands, and splurge on luxury brands that are the cyber equivalent of Prada waders or a Rolex watch. Real-world consumers may have snapped shut their wallets. But in these lavishly appointed realms it is still 2007, and conspicuous consumption is all the rage.


On the one hand, both of these stories are related by what the writers of each story separately refer to as modes of consumption during the recession. But they share a deeper, more profound connection that is less obvious, one that is related to a broader social theory of consumption.

An overt theme running through both stories is the death of "conspicuous consumption." In the case of the simulated universes, so-called "conspicuous" consumption is seen as a substitute for the "real" world's "conspicuous" consumption; the idea being expressed is that it compensates for something lacking in the real world. The connotation of compensation here is itself tied up with economics and the interplay between real and virtual.

But what does it mean to consume conspicuously anyway? If we understand what it means to be "conspicuous" then we can see that conspicuous consumption is itself an act of communication. To consume conspicuously is to be seen producing an expenditure, which presumably is a transaction of higher velocity, and so within the logical framework of the dominant social system it's a transaction of higher worth, power, and prestige. But consumption is, at root, a form of communication.

46 of 76 (61%) found this helpful
Rate this article:  (76 Votes)
Comments (13) See All Comments »
10-23-2009, 12:20 pm

A strange way of looking at the world has emerged in the last couple of decades. We have developed the pretense that consumption is as valuable a function in our economy as production. The Chinese do their part by producing and we do our par
Read More
10-24-2009, 3:56 pm
We have borrowed for the last 50 years, and we inflated the money supply. When we borrow, banks create new money. They do not lend existing money. It is obvious that there can be bubbles and bust in the total credit expanded. When we pay off debt, ba
Read More
10-24-2009, 5:56 pm
Done it loved it will do it agin repeat!!!!!!!!!!!!!!!!!!!!!!!
Read More
10-24-2009, 6:00 pm
Why do people dress pets up on hollowen,there just pets and freinds not dress-up dolls.I think its just mean to do that to them!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Please RESPOND BACK TO ME!!!!!!!!!!!!!!!!!!!!!!! Would be nice if you did.thanks for readin
Read More
10-27-2009, 9:42 am
Notice all the empty seats last weekend?
Read More
discuss this article and more on the mv exchange
No positions in stocks mentioned.

Get real-time options trading ideas from Steve Smith, veteran options trader and newsletter author, plus let him show you the way to cut risk and boost your returns through the strategic use of options.  Click here for a free 14 day trial to OptionSmith by Steve Smith.



The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2009 Minyanville Media, Inc. All Rights Reserved.

Ticker Talk
Popular Tickers:
F »AMZN »HIG »
Select
  •  
Talk Now
Share this Talk on your site:
Send us your feedback

Our Professors

rss article alert