Think about how your spending might shape the world
By: James Chan
Tags: Change, Consumerism, Spending

Source: Unsplash

This was first published on my fortnightly newsletter — Ideothetic Flow, where I share ideas on rethinking life and inspiring positive internal change to cope with our modern world.

As consumers, we are individually the smallest units of the economy, but we are also its end point. All business exists to meet our wants and needs. Our spending is therefore actually also a way for us to cast a vote on the shape of the world we want to live in.

When thinking about what to spend on, we can look beyond only the immediate value of what we get, and also consider that there is some future value from supporting that particular business or industry. Sometimes, this means we may have to pass on a cheaper alternative.

The ethical consumerism movement is a starting point for this. This punishes those with unethical or unsustainable practices by boycotting them, or reduces the negative impact of our consumption by choosing more sustainable options despite cost or inconvenience. I think this can go a step further, where our spending is influenced by wanting to actively support businesses which are consistent with what we would like the world to become.

For myself, I enjoy interacting with smaller, independent businesses, who often give a certain kind of customer experience. I would usually be less picky with them about price, and more willing to spend as long as they have a good product. Farmers markets are a common example of this, where I try and support those who are passionate about their products, and have good food, even though it would be quite an indulgence.

On the other end, I am more critical about bigger enterprises with huge reserves and economies of scale, giving them the bargaining power to undercut smaller players. Definitely most do great work and have great products, but these may lack uniqueness. There are even some who focus on using marketing tricks to create false value or trigger impulse places. I try my best to only buy from them when the value is far too good.

Supporting local is important for me too. Having more things produced in Singapore add to our charm and uniqueness, and would also cater well to local tastes. I also try and support shops in my immediate neighbourhood. I feel that Singapore, being small, has limited entrepreneurship opportunity for consumer goods, and it really is a tough struggle for a local business. Working for a foreign owned MNC now, I sometimes wonder if our own locals might get crowded out.

I like to think that by doing these, I help these small or local businesses do better, and it adds a certain vibrancy to my home which I treasure.

This form of thinking is a level up for us as consumers, where we demand more from the economy, rather than encouraging the use of marketing gimmicks. More and more it feels like the bulk of business is about attention grabbing, exploiting self-image issues, or encouraging impulse buys. These are illusory demands that lead to overconsumption.

The unfortunate reality is that we all have limited money and are under pressure to maximise its value. I do not suggest that we should spend excessively, or spend just to support the life of particular store. Regardless of income level, we should always be spending to get greater value than what we give up. I propose that this value assessment can be made more holistically. If immediate finances are not healthy, then it would surely be hard to give weight to how our spending can “shape the world”.

Putting this idea into action should not overhaul spending habits, but only lead to small shifts. We still need to fulfill immediate needs. Yet, small shifts across all consumers might be enough to let us influence the future rather than letting corporations decide how the future should look. In the past, these changes might take decades to realise, but as technology develops, changes happen much faster, and we might actually see the result of our spending shifts much earlier.

Ultimately, we can recognise that we have some ability to effect change, without having to start some massive project. It is worth thinking about how we can exercise that power well.

What do you think about such a change in value assessment? Is it beneficial or even necessary?

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