Part of Speech: Noun

Definition: The concept that an ever-expanding consumption of goods is advantageous to the economy.

Source: http://dictionary.reference.com/browse/Consumerism?s=t

Encountered: In the article “The Happiest and Saddest Places in New York City, According to Twitter” by Brian Merchant. “Times Square is the gleeful buzzing monument American consumerism.”

Understanding: I understand that he was talking about Times Square being a place of trade.