What is the meaning of Conspicuous Consumption?
Conspicuous Consumption generally refers to extravagance or wasteful spending. American economist Thorstein Veblen had coined the term in 1889 in his book titled, “The Theory of the Leisure Class”. It stands for spending which is done to publicly show off wealth and not to purchase basic goods of daily use and need.
This is usually done by people who have a huge income at their disposal to be spent on luxury goods. The concept has long been a part of our society and has only grown with time as people have newer ways and means to create and display wealth. Various examples of conspicuous consumption are designer clothes, expensive jewellery, luxury cars etc.