Conspicuous consumption
Conspicuous consumption is a term coined by economist Thorstein Veblen in his book “The Theory of the Leisure Class” in 1899. It refers to the practice of purchasing goods and services for the primary purpose of displaying wealth or status, rather than for their inherent value or utility.
One example of conspicuous consumption is the purchasing of luxury cars, such as a Ferrari or Lamborghini, not because of their practicality or performance, but because of the prestige and status they convey. Another example is wearing expensive designer clothing and accessories to signal one’s affluence to others.
In modern society, social media has amplified the phenomenon of conspicuous consumption, with individuals showcasing their lavish lifestyles and expensive possessions online for validation and admiration from their peers.
While conspicuous consumption can be seen as a way for individuals to signal their success and social standing, critics argue that it perpetuates inequality and contributes to environmental degradation through the excessive consumption of resources.
Overall, conspicuous consumption is a complex social phenomenon that continues to shape consumer behavior and societal norms.
- Example 1: A celebrity purchasing a million-dollar watch to flaunt their wealth.
- Example 2: A social media influencer posting photos of their luxury vacation to impress their followers.
For more information on conspicuous consumption, you can visit Wikipedia.