Conspicuous Consumption – Spending Money on Luxury Goods to Display Wealth and Status

The term “conspicuous consumption” was coined by Thorstein Veblen in his 1899 book The Theory of the Leisure Class. It refers to the practice of spending money on luxury goods and services in order to display one’s wealth and status.

Conspicuous consumption is the act of spending money on luxury goods and services in order to display one’s wealth or status. It is a form of conspicuous display, which is the act of showing off one’s possessions to others.

While one may dismiss conspicuous consumption as a wasteful and unnecessary form of spending, in some cases it is a not-so-subtle way of conveying important social information. For example, in many cultures, the amount of money spent on a wedding is directly related to the social status of the bride and groom. In this way, conspicuous consumption can be seen as a way of signalling status within a society.

Conspicuous consumption is often associated with capitalism, where people compete to buy the latest luxury products in order to show that they can afford them. It is also a way of representing and reinforcing social hierarchies, through the strategic display of expensive goods to indicate prestige.

Related Terms:

Conspicuous Display: The act of showing off one’s possessions to others.

Capitalism: A system of economic organization in which the means of production are privately owned and operated for profit.

Social Hierarchy: A system in which people are ranked according to their social status or position in society.

Glossary Terms starting with C

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