$60,000 spent in a consumer economy multiplies by respending into $180,000
The real loss by gambling is $180,000 to the consumer economy for each slot machine
For every slot machine you add, you lose one job per year from the consumer economy
Generally, traditional businesses were slow to recognize the way in which legalized gambling captured dollars from across the entire spectrum of the various consumer markets, but now they know
People will spend a tremendous amount of money in casinos, money they normally would spend on refrigerators or a new car. Local businesses will suffer because they'll lose consumer dollars to casinos.
If gambling were banned, those social costs would drop, tax revenues from consumer goods would increase, and money would be pumped into the productive economic sector
The smartest thing legislatures can do is get rid of lotteries and get those dollars buying consumer goods and get the sales tax revenues from that
In convenience gambling scenarios, discretionary spending and nondiscretionary addicted gambling dollars were transferred from other forms of consumer expenditures
Content marketing represents the gap between what brands produce and what consumers actually want.
What worries some people about consumption (and I confess at the outset to be one of these ambivalent creatures, fat but troubled in paradise) is that the affluent, technologically advanced West seems more and more focused not on consuming to live but living to consume. The problem with consumption, and the consumer capitalism that has pushed it to feverish historical extremes, is that it has become so all-consuming.
The new dynamics between brands and consumers, driven by social media, are proving to be a powerful impetus for change.
Consumers around the world are more aware of the multiple global crises we face than ever before, thanks to information found on the Internet.
Consumers desiring a better world have already achieved some successes in this regard, helping to transform several industries from the ground up.
Consumers want a better world, not just better widgets.
More than ever before, consumers have the ability to unify their voices and coalesce their buying power to influence corporate behaviors.
Companies and their brands need to reach out and speak directly to consumers, to honor their values, and to form meaningful relationships with them. They must become architects of community, consistently demonstrating the values that their customer community expects in exchange for their loyalty and purchases.
The most impactful way consumers can assert their power is to become mindful shoppers, giving their dollars only to socially responsible companies. In today’s world of social media and smart phones, this is easy to do.
A social contract is the way out of this dilemma for corporations that want to lead in the 21st century by showing consumers how seriously they take customer loyalty and goodwill.
Concerned consumers are realizing that they can use social media to organize themselves around shared values to start effective movements. Social media gives them a sounding board to share ideas, as well as a means to punish irresponsible corporate behaviors.
Today's consumers are eager to become loyal fans of companies that respect purposeful capitalism. They are not opposed to companies making a profit; indeed, they may even be investors in these companies - but at the core, they want more empathic, enlightened corporations that seek a balance between profit and purpose.
As a function of the easy access to information provided by the Internet, and the ease with which it can be shared thanks to social media, consumers are now better informed as to the behavior of brands and the multiple global crises we face.
Corporations, consumers, and citizens must begin acting in concert to create a powerful third pillar of social transformation if we hope to meet the social challenges we currently face with equal force. This begins with corporations that choose to alter how they practice capitalism in two ways to serve the greater good.
For decades, media companies have largely controlled the tools through which consumers were told what to buy, wear or think. Now consumers possess the same ability to produce, distribute and curate content and distribute it to their peers in real time across social media platforms.
How much do you as a consumer value a positive experience with a brand or its customer service department? How willing are you to share that with your friends? How inclined are you to let that person know that you're interaction with them was positive?
In the coming years, if not sooner, social media will become a powerful tool that consumers will aggressively use to influence business attitudes and force companies into greater social responsibility - and, I suggest, move us towards a more sustainable practice of capitalism.
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