In 2008, crowds of frantic Black Friday shoppers trampled 34 year-old Wal-Mart employee Jdimytai Damour to his death as he and other workers tried to unlock the door at 5:00 A.M. It went unnoticed by most of those involved in the stampede as they clamored to get their deals.
Black Friday 2011 came and went with no deaths on record; however, there was still an abundance of ugly incidents reported by authorities. International corporate conglomerate Wal-Mart can lay claim to some of the worst, two of which were shootings—one in California, another in South Carolina. In Little Rock, Arkansas, a $2 waffle iron caused a riot of mindless violence. Los Angeles saw a woman pepper-spray at least 20 people as she vied for a new gaming console and in Rome, New York, two women were hospitalized after sustaining injuries in the rush for a new smartphone.
Although the Canadian activist group Adbusters created Occupy Xmas, a “24-hour moratorium on holiday shopping” in the spirit of the Occupy Movement, hundreds of thousands of people were still compelled to shop and retailers no less aggressively targeted the 99% to buy, buy, buy. The endless procession of “buy more, save more, one day only sales” encourages hyper-competitive behavior among throngs of people desperate in this poor economy.
We’re pushed constantly to spend more and adversely compelled to buy when we hear that a dip in consumer spending hurts the overall economy. We spend what we don’t have on what we don’t need.
Combine that with lessened buyer remorse—since you’re buying for others and all—and you have the makings for a colossal financial hangover. As credit counselors often caution, many people are already drowning in debt, and it often takes over a year for people to completely pay off their holiday purchases.
That doesn’t bode well for the 99%. Whatever the motivations to buy more than we can afford and consume at an obnoxious rate, it simply helps keep 83% of all U.S. stocks in the hands of 1% of the people.
As the consumption that embodies the holiday spirit moves forward, I encourage you to take pause. A happy holiday can be had without spending a small fortune. Three months later, do you really want to still be paying for that sweater? Whatever meaning you find during the season, hopefully it doesn’t depend upon unending consumerism—after all, it’s probably not worth the life and limb you could lose over a $2 waffle iron.