The Lens: Is TikTok’s underconsumption trend the key to a happier, more mindful life?

Buy, buy, buy.

From one day to the next, we are constantly bombarded by consumerism. Social media is filled with the latest trends – often revolving around acquiring new things.

But what if buying less could unlock a happier and more fulfilling life?

The underconsumption trend is rapidly gaining traction on social media platforms like TikTok. This movement encourages us to make the most of what we already have, repair items instead of discarding them and make mindful purchases. It is a collective effort to extend the life of our belongings and reduce unnecessary waste.

This shift in consumer behaviour is driven by several factors, including environmental awareness, economic pressures and a growing desire for a more mindful lifestyle.

But is underconsumption the panacea for society’s overconsumption woes? While it is a trend that is gaining momentum, it is crucial to be aware of the potential pitfalls. Understanding these challenges can help us navigate the underconsumption journey more effectively.

For some, underconsumption can be a form of deprivation, and for others, it can lead to feelings of resentment.

As OCBC Bank’s head of wealth advisory, Aaron Chwee, told China Daily, “While it can be cool to push oneself to the limit ... there should also be a balance between having common sense and taking challenges to the extreme.”

Understandably, it is not always easy to resist the urge to buy, but it is a journey worth taking for a more fulfilling life.

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In August, Australia said it would limit the enrolment number of international students to 270,000 in 2025 as the government looks to rein in record migration.

The decision follows a raft of actions taken since last year to end Covid-19-era concessions for international students and workers. These measures helped businesses recruit staff locally while strict border controls kept overseas workers out.

“There [are] about 10 per cent more international students in our universities today than before the pandemic and about 50 per cent more in our private vocational and training providers,” said Education Minister Jason Clare.

Clare said the reforms are designed to make the international student sector fairer, which will set it up on a more sustainable footing in the future.

International education is one of Australia’s largest export industries. However, polls show voters are concerned about large influxes of international students and workers putting excess pressure on the housing market, making immigration one of the potential major battlegrounds in an election less than a year away.

Australia boosted its annual migration numbers in 2022 to help businesses recruit staff to fill shortages after the Covid-19 pandemic brought strict border controls that kept foreign students and workers out.

The record migration has expanded the labour supply and restrained wage pressures but has also exacerbated an already tight housing market.

Last month, the government more than doubled the visa fee for international students and pledged to close loopholes in rules that allowed them to extend their stay continuously.

Reuters

• What are some reasons why Australian voters are worried about the number of foreign students?

• Do you think it is fair for Australia to put a cap on the number of international students? Why or why not?