Conspicuous consumption

Definition

Conspicuous consumption is the practice of purchasing luxury goods and services to publicly display economic power and social status rather than to meet basic needs. It serves as a marker of social stratification, highlighting differences in wealth and class among individuals.

Related terms

Social Stratification:

The classification or division of society into hierarchical layers based on factors like wealth, power, and prestige.

Status Symbols: Objects or titles that indicate an individual's social position and perceived importance within society.

Wealth Disparity: The unequal distribution of assets among residents of a country or society, contributing to various levels of economic security and quality of life