So as decided in my first year we have to certain movies and documentaries for our knowledge every week, so this week’s documentary is ‘ the men who made us spend’ which is divided into three episodes (it’s a documentary film). Seeing the whole documentary, I learnt new things. Jacques Peretti investigated consumerism and what and why we spend. Three parts of the documentary focused on teachings of consumer behavior in accordance to spending, not just on fashion but technology too and beauty products too. Standing outside the Apple store on London’s Regent street, Jacques Peretti interviewed the faithful as they had queued for the new iPhone 5s. the consumer’s response for buying the iPhone than using the existing one was probably not much (response given by a customer). If i was that person I wouldn’t have bothered to stand in the line to buy a new iPhone 5s. I’ve personally experienced, my friend standing in queues for hours to buy the nintendo Wii, it is somewhat like X-box. The above response of the consumer shows that in today’s world everyone is crazy about the technology, everyone wants the latest technology be it just a minor change in the product. The whole point of free markets is to give the consumer sovereignty and to allow people, ordinary people, to conduct their lives in a way they want, which is consumerism. The amount of time between when a householder, a person, buys something and when they discard it because it is no longer socially valuable, for the reason that it is passé knowing the fact that it still has utilitarian value, but its no longer something that is worth anything because there’s a new model out.
IKEA and H&M have started the disposability culture of clothes. H&M offers discounts on clothes bought from them when disposing of your old clothes them. The best part came when the documentary talked about Paypal. I personally believe Paypal is a blessing in disguise. the studies done by Peter Theil, the co-founder of Paypal proved costumers having a problem of paying in cash, they were rather comfortable using the credit cards.
Swatch, the watch company said that to make their sales 4 times a year, they have adopted the tactics of making 4 watches a year each talking about the seasons and inviting the costumers to buy watches for each season, by doing this their motive is fulfilled and even the costumer is satisfied by having a new watch.
First, I thought the documentary would be very boring but later in 2nd part it got interesting, it has increased my knowledge of what motivates the consumer to spend.