Modern consumerism is a model or ideology of promoting ever-increasing consumption for personal satisfaction, economic stimulation and the protection or promotion of the interests of consumers. A country's stable economic growth, its peoples' purchasing power capabilities along with disposable personal income status, national policies for trade and investment and internal legislative system can define how worthy of the country to expand modern consumerism. This study aims at narrating the emergence of modern consumerism, present potentialities and impediments for its expansion in Bangladesh. Qualitative method has been applied and secondary data sources have been used to facilitate the study. It has been revealed through our study that public-private mixed industrial venture set up in the 1980s, a strategy of mixed policy, comprising of, the open market economy and the national development plan in 1990s, promotion of private investment, cheering up foreign direct investment (FDI) in 1999s and stable economic growth werethe driving forcesbehind the advent of modern consumerism in Bangladesh. The study also highlights that at present Bangladesh's economy has in a lucrative position for major consumer-product companies to enlarge their atelier, gain promising revenuefrom the Bangladesh consumer market and to enrich overall economy of Bangladesh. But, like other developing countries, consumer illiteracy, consumer deception, inconsistencies in existing consumer law are accounted for the limited development of consumerism here. Our study suggests that alertness of consumers, consistent legislative system and the sincerity of relevant authorities may ensure the best harvest from modern consumerism in Bangladesh.
Keywords : Modern Consumerism, Evolution, Upward mobility, DP/, Consumer Deception.
31-Aug-2024
