Discussing global consumption in 2020 is related to the core of the global event that took place during this period, the Coronavirus pandemic. The pandemic has gotten its effects on the economy and those effects still are seen today as a major global event. Among other things, consumption has gotten its share of these effects and it has contributed to increased consumption by people due to the lockdown in several countries and due to the limitation in other countries, according to the Swedish Riksbank (Riksbanken, 2020).
There is another interesting aspect about the matter of consumerism during 2020 as the pandemic hit the societies at its core and resulted in the emergence of a different way of thinking regarding this. In other words, physical stores have become less important and the pandemic has emphasized the importance of digitalization which in turn contribute as well to increased consumption during 2020, according to Kian Baskitiar in his article How Will The Pandemic Change Consumer Behavior? Published in Forbes.
Finally, such major global events influence the global economy and accordingly consumers’ behavior. This can be illustrated through the rising inflation rates in almost every country in the world and in raising oil prices as well. However, regardless of the consequences of the pandemic, extremely increased consumption has negative effects on the environment and the economy. Thus, we need to control this matter consciously and make conscious decisions about our consumption in general and mainly about how it will influence us in the future.
https://www.riksbank.se/globalassets/media/rapporter/ekonomiska-kommentarer/engelska/2020/changed-consumption-during-the-pandemic-affects-inflation.pdf