These days people like to own things that are made by famous brands. What are the reasons for this? Is it a positive or negative development?

Due to globalization and modernization, the demand of popular brands is increasing day by day. Personally, I believe it is a negative development for the individual as well as for the economy. This essay deals with the reasons behind the rising demand and the negative consequences of it. To begin with, the prominent reason behind the accelerating demand is that people are becoming more brand conscious. They regard wearing brands as a status symbol and moreover it gives psychological satisfaction to the individual. For instance, when any person is wearing anything such as shoes of the famous company Woodland, it boosts his confidence immensely. Secondly, famous brand gives an individual social recognition as well. Another reason behind increasing demand is the durability and the quality that is possessed by these brands. Clothes of well established and reputed brands are likely to be more durable and lasts for long time. The raw material used for production is of supreme quality. Also, it gives more presentable and appealing look to a person. There are several adverse consequences of up surging demand of popular brands. The local brands lose their status and the entrepreneurs have to shut their businesses which affect the national economy's GDP adversely. Moreover, it increases the pressure on the pockets of people. For false demonstration effect of being rich, people buy branded clothes and accessories which leads to more expenditure and even people take loans to buy these expensive brands which results in the vicious cycle of debt trap. To conclude, it can be said that buying costly brands is appropriate when pocket allows, otherwise it only leads to negative result. One should need to understand that for looking more appealing, they don't need to pressurize their pockets.