1 | Page “Consumerism and Its Issues on Sustainability; a Review on Sri Lankan Context” Prabath Suranga Morawakage Lecturer (Probationary) Department of Finance Faculty of Commerce and Management Studies University of Kelaniya prabath145@gmail.com Abstract This paper will explore issues relating to the impact of current consumption on social and environmental sustainability in Sri Lanka critically reflect on them and propose some possible avenues of addressing them as managers and the business community as a whole. During the course of the study it was found that consumerism and business patterns have adversely resulted in a change in the people’s priorities towards society and the environment. Sri Lankan consumers have shown in the recent past that they have embraced consumerism but have not moved away of their traditional values, the Sri Lankan consumer is in transition. The development of information and communication technology, retail mechanisms such as credit cards, installment schemes have also contributed immensely to drive consumerism and business in return. Findings of the study conclude that though the trends in consumerism have had a positive impact on improving the quality of life in a material sense the adverse impact on social sustainability and environmental deterioration seem to be outweighing the positives. Therefore, business managers need to make a conscious effort to make changes in the way they think and the way they operate. Not only do they need to make use of the consumerist mentality to make profits for their organization, but also to improve social and environmental sustainability Key Words: Consumerism, Sustainability, Consumption patterns, Issues