Global luxury goods industry is unsustainable

There is a worldwide consensus that the only way for countries in economic difficulty to overcome those difficulties is through economic growth.

It is appropriate to ask if that is the only option or if a different approach might not be more appropriate.

Let us consider what growing the world economies means in practice. At a very basic level, it starts with individuals deciding to spend more on goods and services, thereby generating demand for those products. Production increases to meet that demand. That increase in production generates economic growth.

At a micro level, many consumers purchase products — luxury goods that they do not need immediately. When they decide to make a purchase, finite resources such as metals, plastics and fuel are used in the production of goods, and partially used goods have to be disposed of.

In my view, there should be an effort to persuade people to move away from the purchase of luxury goods and continue to use the items they possess for a longer period. The result would be economies would not grow so fast, but we would preserve the resources of the world. Countries should begin to focus on producing the goods that are genuinely necessary for the survival and well-being of their citizens and the human race in general.

The present approach, whereby we continually strive to increase the production of, and demand for, luxury disposable goods, is unsustainable in the long run.

Jerh Horan

NCR

Limerick