Wealth attributes to certain consumer behaviour and the more wealth one holds, the higher the purchasing power.
Having this power gives one the ability to "command" and so purchasing power, to some extent, is a form of social power.
In general, for as long as one possesses this commanding power, the individual has the freedom to choose but of course, we must not forget about opportunity cost! Opportunity cost is not only assessed in monetary and/or material terms, but can be assessed in terms of anything that is of value.
Having mentioned about trial & error in an earlier post, and in my humble opinion there is an opportunity cost involved here; because what we chose might not be suitable. The next best thing that a person can engage in is referred to as the opportunity cost of doing the best thing and ignoring the next best thing to be done.
As Greg Mankiw, an economist, described, "To get one thing that we like, we usually have to give up another thing that we like".
Almost similar to what I always quote, "You got to give up one thing in order to gain another."
The power to choose really depends on what one is looking for, irregardless of the amount of wealth. One can enjoy the maximum wealth in the world but yet not being able to find what he/she is looking for, is equivalent to having zero wealth.
But even having the slightest idea of what you want, one might not commit to it right away due to the "china-doll-syndrome". Having insecurities that hinders or forces one to conceal their true selves from one another, it makes one consider the need to make the purchase and will it be just another impulsive buy.
How sad for the person that held that chance, and dropped it. For they too might have felt the same exact way, and regret that they shut that door, but might think that it was for the better.
Thus unable to touch or move in on the chance that leave that shelf; missing out on the perfect buy. What a waste.
However, on the other hand, there are the trigger-happy ones. Such individuals shoot on sight, sweeping what they like off the shelf.
Afterall, holding that power to purchase can be the key to happiness.
Just like what retail therapy does for me.
Wednesday, March 4, 2009
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