Materialism

Materialism is a form of philosophical monism which holds that matter is the fundamental substance in nature, and that all things, including mental aspects and consciousness, are results of material interactions. Materialist theories are mainly divided into three groups. Naive materialism identifies the material world with specific components (e.g. the theme of the four elements—fire, air, water and earth—devised by the Pre-Socratic thinker. Metaphysical materialism examines separated elements of the world in a very static, isolated environment.

Importance of Materialism:

Materialism gets a bad press. ... highly materialistic individuals believe that owning and buying things are necessary means that to realize important life goals, such as happiness, success and desirability. However, in their quest to possess a lot of, they typically sideline alternative vital goals
Causes of Materialism:
In society today people have been taught that you "need" more in order to be the happy, we tend to believe that the more we have the better we are. In our society we put a person on a higher level than us if they have a lot or more stuff. We seek to be like this person.  it seems to be a measure of success in our society, admired by those who have less than you. This is where Materialism comes in.
Effects of Materialism:

Effects on the economy:

Materialism is sometimes used as status symbol, causing people to purchase items that they cant afford, so that they can fit it. Not only do they buy things to “look cool” but they also do it to flaunt their wealth. Materialistic people tend to save less, weakening economic expansion. Economic materialism drives consumers to spend their incomes on unnecessary items, which translates to economic growth, and producers to meet consumer demand. This leads to more spending and increased GDP(Gross Domestic Production).   

Effects on teens 

Teenagers are directly affected by materialism because society tells them they need trendy and expensive items. Materialism in teens could lead to self-esteem issues and bullying, because they are pressured into buying these things and are often teased if they don’t.