Economic materialism

Materialism is the importance a person attaches to acquiring and consuming material goods. The use of the term materialistic to describe a person's personality or a society tends to have a negative or critical connotation. Also called acquisitiveness, it is often associated with a value system which regards social status as being determined by affluence (see conspicuous consumption), as well as the belief that possessions can provide happiness. Environmentalism can be considered a competing orientation to materialism.

Materialism can be considered a pragmatic form of enlightened self-interest based on a prudent understanding of the character of capitalist society. However, studies have found that it is also associated with self-destructive behavior and depression.

Consumer research typically looks at materialism in two ways: one as a collection of personality traits; and the other as an enduring belief or value.

Russell Belk conceptualizes materialism to include three original personality traits.

Acquisition centrality is when acquiring material possession functions as a central life goal with the belief that possessions are the key to happiness and that success can be judged by a person's material wealth and the quality and price of material goods she or he can buy.

In the western world, there is a growing trend of increasing materialism in reaction to discontent. Research conducted in the United States shows that recent generations are focusing more on money, image, and fame than ever before, especially since the generations of Baby Boomers and Generation X.

In one survey, 1 in 14 Americans said they would murder someone for $3 million and 65% of respondents said they would spend a year on a deserted island to earn $1 million.

A survey conducted by the University of California and the American Council on Education on 250,000 new college students found that their main reason for attending college was to gain material wealth. From the 1970s to the late 1990s, the percentage of students who stated that their main reason for going to college was to develop a meaningful life philosophy dropped from more than 80% to about 40%, while the purpose of obtaining financial gain rose from about 40% to more than 75%.

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