Beyond materialistic hyper-consumption: How experiential forms of consumption redefine youth consumer culture in the context of the financial crisis

Abstract

The impact of the Global Financial Crisis on consumption has emerged as a crucial issue. Despite increasing attention in academic research, few studies investigate the effects of the crisis to young people’s relationship with consumption and how young consumers experience such transformations. This paper seeks to understand young people’s perceptions of the changing nature of consumption through comparative research in Greece and the UK. It explores the extent to which young people’s lives are shaped by consumerism. The main concern is the degree to which the financial crisis has affected the phenomenon of consumption. Based on focus groups and photo-elicitation interviews with young people, this article considers young people’s critiques of materialistic hyper-consumption and consumerism when they have been dramatically affected by austerity. This article also examines how experiential forms of consumption are used by young people as a strategy to confront financial limitations. In light of this analysis, young consumers prefer to manifest their individuality and sense of style through the accumulation of experiences. The revitalised consumer culture based on experiences constitutes an arena in which young people seek to maximise the intensity of the moment.