Final answer:
The 1920s consumer society benefited urban middle-class Americans and consumer industries, while credit dependence and overconsumption led to economic hardships that culminated in the Great Depression.
Step-by-step explanation:
Who Benefited and Who Suffered in the 1920s Consumer Society
The 1920s consumer society brought prosperity and economic growth, leading to innovative technologies and a surge in consumer goods. This period was characterized by a shift in how people viewed credit and material goods, with a pronounced focus on consumption and the pursuit of the 'good life'. Advertising played a pivotal role in promoting a culture of consumption that fueled the economy. People who benefited the most were urban middle-class Americans and industries involved in the production and marketing of new consumer goods. Conversely, farmers, artisans, and eventually the general public suffered when the economic bubble burst, leading to the Great Depression, where the consequences of over-extension on credit and unequal wealth distribution became apparent.
Middle-class Americans relished a newfound wealth that provided them with disposable income to spend on entertainment, while technological advancements made items like cars and household appliances more accessible. However, the use of credit to purchase such items represented a departure from past views where credit was only for productive property. As the decade progressed, a culture that glorified consumerism grew, while traditional values of thriftiness and financial prudence took a backseat.
The close of the decade revealed the downsides of this consumer boom. The over-reliance on credit, uneven wealth distribution, and stagnant wages ultimately hindered the ability of many to continue fueling the consumption-based economy, culminating in a drastic economic downturn during the Great Depression. This switch from a peak of prosperity to economic hardship reflected the volatility of relying too heavily on credit and consumerism for economic stability.