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The consumer economy is that portion of the overall economic system that is dependent on individual or household consumer expenditures. Goods that embody the consumer economy would include food, clothing, housing, furniture, appliances, automobiles, etc.; while services that comprise the consumer economy would include restaurants, hospital care, personal banking, commercial airlines, etc. Thus, the consumer economy is distinct from (yet related to) the industrial economy which emphasizes trade between corporations (investment banking, industrial machinery, chemicals, etc.), and the public sector which involves the delivery of governmental services (bridges and roads, sewer, public education, etc.).
History
The consumer economy began to expand exponentially in the early- to mid-20th century. It has been said that two-thirds of jobs in the United States are now tied either directly or indirectly to the consumer economy.[1]
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References
- ^ The Support Economy: Why Corporations Are Failing Individuals and The Next Episode of Capitalism, Shoshana Zuboff & James Maxmin, pg. 8.