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One baht of us worth lesser or greater when exchanging with utility/satisfaction after the day that "Social Media" have integrated to our daily lives
Summary
Forbes Advisor’s pole indicated that: 82% of Gen Z (ages 18 to 26) go travel to the place they have seen on social media, 95% of them said that they felt pressured to emulate travel content online at least sometimes, 79% of them increased their travel budget after seeing a vacation posted on social media, and what shocking is that 78% even taking on credit card debt or otherwise spending more than budget after seeing travel content online.
Hence, social media which are increasingly integral to our daily lives may actually biting our usual life to become more extravagant, making our spending become more impulsive than before there was social media, and eventually making our one baht worth lesser when exchanging with “satisfaction” after seeing social media.
Why This News is Important?
The higher price we have to paid in order to achieve the same level of satisfaction result in the lesser quantity of goods and services we actually gain. As we can see that the power of social media can change people preference, cause satisfaction level of people rise more difficult, and linked to what we have learnt in the class, when units of product we are able to buy is decreasing it means our real wage is actually lower. Therefore, having immunity to online content is something that we should not overlook anymore.
Ref: forbes.com/advisor/credit-cards/how-social-media-can-destroy-financial-health-study/
Summarized by: Pan Piyatassakorn 6405617