by Hattie Gould and Annie Materna
Online shopping is the perfect way to deflect revision and carelessly splash out much needed money. Some may consider online shopping an addiction, whereas others may view the matter as a quick way to spend vast amounts of money, potentially bankrupting yourself for the month in one single night. So why do people have such an obsession with online shopping?!
Looking at this online shopping obsession from an economic view, there are many pro's and con's. The advantages of such spending is that online shopping is part of economic consumption and subsequently a crucial component of aggregate demand (a growth stimulant), thus helping to stimulate the economy. However, is online shopping alone going to cure Britain from this double dipped recession? We think not. Teenagers alone splashing out large amounts of money over the Internet is not going to transform the economy. However, having stated that online shopping is not by itself a large boost for the economy, it cannot be knocked because, at the moment, in Britain any type of spending is a gain for the economy and for George Osbourne himself.
Well not for some. In conjunction with the growth of quick cash, businesses like Quick Quid and Kwikcash Payday Loans, shoppers have even more cash readily available to ensure that they have the latest collection of clothes. However is this healthy for economy? In most cases, the reason why consumers have to use these easy-cash methods is that they do not have enough money in the first place, thus indicating that they cannot afford to take out a loan with huge interest, adding to the cost of money they don't have in the first place. This then leads to consumers ending up with a large debt which is forever increasing, thus damaging long-term consumption for the economy and any chance of sustainable growth for the country.
So why do we do this? Nowadays, a laptop, computer or tablet is a household norm and they are also a major cause of spending so much money easily and carelessly. Not only do most shops have online websites, but they also have apps too, making it all the more easy to procrastinate and spend money. During exams, and also due to boredom, we are more likely to spend our money on items we may not necessarily need or even end up wanting! This leads to teens wasting their money with the click of a button; some websites and apps even save your card details in order to make the payment methods easier and quicker, which in the long term is not necessarily a good thing.
Most teens do not have the budget allowing them to buy luxury items which are most commonly and easily sold online, unless obviously they have their own jobs and therefore their own money to spend, or gain a chunky allowance from generous parents. However, whether we have the money to splash or not, online shopping and subsequently mass spending is not a healthy habit to get in to and will lead to endless shopping in order to procrastinate or to entertain due to boredom, and also debts in the long term.
So the next time you are bored or catch yourself procrastinating because you just need a whole new wardrobe... Stop! Do not get into the habit, and think of all the more efficient ways you could spend or save your money.
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