In this case, people acquired the iPhone 6 just to satisfy their psychological needs and thus feel happy having a new product in their hands, will soon replace it with another product by the lack of satisfaction. Wasting money is easy when people have a lot, but when their income is not too high there is a problem. Buying and spending money like rich people without having the money in the bank is a big risk. As a consequence of overspending most people could affect their financial status to the point of losing their properties.
Another negative effect from consumerism is stereotyping, because it can lead to discrimination. Stereotyping is one important factor to classify people as a different kind of consumer based on their behavior wants and needs. But even more, advertisers use the stereotype to categorize consumers and understand what products or services they need to provide in order to satisfy their consumers. On the contrary, many consumers are stereotyped by their economic status by the markets. Unfortunately, stereotyping consumers for their economic status is not always a good idea. Consumers' families seems to be affected for being categorized by their economic status too. Stereotype makes consumers feel some rejection from the society when they purchase a certain product or service. Moreover, in many markets today there are some prejudices about certain consumers. As an illustration, if a middle class person attends a fancy restaurant where only people from high social class frequent, obviously the person of middle class is going to be viewed with some discrimination. This person may not meet with the codes of dress required by the fancy restaurant, even though the person has enough money to pay. However, many people work hard to fulfill their expensive tastes and sometimes they cannot meet their tastes because they feel discriminated against by their appearance or economic status.
