The Power of Marketing

The ‘standard’ Economic model posits that price is defined by the intersection of supply and demand. In statistics, consumer spending was shown to have increased such that consumer spending is now greater then consumer income. Therefore, because buying power hasn’t decreased and rewards for saving are mostly constant, it appears consumer demand has increased. Are there ‘better’ things to spend money on or has the US cultural perspective changed?

Specifically, what are the effects of marketing on US culture and on savings trends? What is the impact on the economy and national productivity? Considering the number of hours/week that the average US youth spends in front of the television and surfing the internet how will marketing effect their future purchasing/savings decisions?

Thanks,
Eric