I can't speak for others, but I started buying a lot more stuff when the pandemic hit. Stuck at home, not much else to do. Some of that is seen in the chart and was directly responsible for the higher inflation rate in goods. Currently trying to wean myself off of this new temporary behavior.
There's something else going on too though, as seen in the upward slope of the red trend line channel. Here's one theory.
January 22, 2024
Study shows how social media fuels unhappiness and materialism
Clothes, cars, travel, followers: People with a materialistic mindset always want more and, above all, more than others. Social media provides them with ideal opportunities to compare themselves with others, which makes them susceptible to passive and addictive user behavior. This stresses them out and, ultimately, leads to low life satisfaction. This downward spiral, which turns materialists into less happy people, was identified by researchers from Bochum in an online survey of over 1,200 participants. They published their findings in the journal Telematics and Informatics Reports from January, 8, 2024.
