{"id":636296,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/consumerism-is-so-last-year\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"consumerism-is-so-last-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/consumerism-is-so-last-year\/","title":{"rendered":"Consumerism is so last year"},"content":{"rendered":"

Gen Z is de-influencing themselves.<\/strong> TikTok\u2019s latest trend? Underconsumption. The new movement has emerged as a response to the overload of high-end aspirational content on TikTok, says The New York Times<\/a>. Tired of the endless stream of influencers flaunting luxury items and unattainable lifestyles, users are embracing a more practical, minimalist way of living, especially after the post-lockdown revenge spending<\/a> craze. <\/p>\n

The \u201cunderconsumption core\u201d trend has caused a noticeable shift<\/strong> \u2014 instead of shopping hauls and unboxing videos, content creators are now promoting upcycling<\/a>, and discouraging the purchase of single-use products. The primary drive behind the downswing, besides the un-relatability of influencers, is an awareness of economic hardships and one\u2019s own financial capabilities.<\/p>\n

Is it sustainable?<\/strong> Brett House, an economics professor at Columbia University, notes that \u201cback-to-basics\u201d trends come about every decade, especially following major economic downturns. The correct mindset, House believes, is to view the trend as one of \u201cappropriate consumption rather than underconsumption.\u201d<\/p>\n

\n

\n

JPMorgan looks to AI to aid its research analysis.<\/strong> Last week, the investment company began a rollout of an in-house chatbot to take on the duties of a research analyst, reports the Financial Times<\/a>. Employees at JPMorgan Chase\u2019s wealth and management division now have access to an LLM Suite meant to offload some of their tasks. \u201cThink of [it] as a research analyst that can offer information, solutions and advice on a topic,\u201d said an internal memo signed by the department head Mary Erdoes.<\/p>\n

Just a productivity tool\u2026 For now. <\/strong>The memo, sent to 50k employees who now have access to the tool, said that the \u201cChatGPT-like product\u201d was meant to be used for \u201cgeneral purpose productivity,\u201d and does not mention cost-cutting or employee replacement. However, in January, it was reported<\/a> that the company quietly laid off 500 investment banking employees, a trend that has slowly continued<\/a> into the year.<\/p>\n

Can JPMorgan trust the algorithm?<\/strong> AI models have been caught \u201c hallucinating<\/a>,\u201d with ChatGPT 3.5 \u2014 which the LLM Suite is powered by \u2014 reporting incorrect information about federal court cases 69% of the time. Even Google\u2019s attempts haven\u2019t bypassed AI\u2019s pink elephants. In May, Google\u2019s AI Overview quickly started doling out nonsense<\/a>, advising users to use glue to secure cheese onto their pizzas, and to consume \u201cat least one small rock a day\u201d for nutrition purposes.<\/p>\n

Just yesterday, OpenAI\u2019s demo of SearchGPT, meant to rival Google Search, <\/strong>malfunctioned at launch.<\/strong> Matteo Wong of The Atlantic reported<\/a> that while searching for \u201cmusic festivals in boone north carolina in august [sic],\u201d the top suggestion contained incorrect dates. \u201cAI can\u2019t [even] properly copy-paste from a music festival\u2019s website,\u201d said Wong.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tired of the endless stream of influencers flaunting luxury items and unattainable lifestyles, users are embracing a more practical, minimalist way of living<\/p>\n","protected":false},"author":1,"featured_media":636297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,894,1464,8709,8708],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-social-media","tag-tiktok","tag-trends","tag-underconsumption","wpautop","entry"],"acf":{"mongo_id":"faa98582-acbf-4739-b1d3-559767da1e2a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2340.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[636291],"teaser":"Tired of the endless stream of influencers flaunting luxury items and unattainable lifestyles, users are embracing a more practical, minimalist way of living","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.870174f6-d145-4a9f-9ef5-b563fdcf2ae2.mp3"},"yoast_head":"\nConsumerism is so last year - 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