Consumerism is an ideology that promotes the constant purchasing of goods and services for short-term profit without regard for long-term consequences. It leads to overspending and unequal wealth distribution. While consumerism increases production, employment, and choice of products, it also has negative effects like environmental damage, depletion of resources, impacts on mental health and relationships, and increased crime. The document recommends exercising restraint in consumption and adopting a minimalist lifestyle to reduce these negative impacts.