conspicuous consumption

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Conspicuous Consumption

The purchase of items one does not need simply to show that one is able to afford them. For example, a person who buys an exotic automobile may be engaging in conspicuous consumption.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

conspicuous consumption

the CONSUMPTION of goods and services not for the UTILITY derived from their use but for the utility derived from the ostentatious exhibition of such goods and services.

A person may buy and run a Rolls-Royce motor car not just as a vehicle for transportation but because it suggests to the outside world something about the owner. That person may wish to be seen as affluent or as a person of taste. This phenomenon (known as the VEBLEN EFFECT) can be viewed as an alternative to the more usual consumption theories where the quantity of a particular good varies inversely with its price (a downward-sloping DEMAND CURVE). A conspicuous consumption good may well have an UPWARD-SLOPING DEMAND CURVE so that the quantity demanded increases with its price.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The Price of Prestige is at its best when discussing lesser-known, historical cases of conspicuous consumption by states, such as the expeditions of the late 1760s and 1870s to observe the astronomical Transit of Venus.
Yet, it is considered necessary to test the role of other cultural value dimensions in shaping brand consciousness and conspicuous consumption of consumers.
The analyzed constructs included propensities for conspicuous consumption, impulsive consumption and habitual consumption, performance expectancy, effort expectancy, social influence, purchase intention and purchase behavior.
Drawing on the power, approach, and inhibition theory (Keltner, Gruenfeld, & Anderson, 2003) and the compensation motivation of consumption (Rucker & Galinsky, 2009), we proposed that how much individuals in social exclusion indulge in conspicuous consumption would vary according to their power state.
Theory of the Leisure Class relies upon--and originates--terms like "pecuniary reputability," "performance of leisure," "conspicuous consumption," and "conspicuous waste," as Veblen argues that social approval is increasingly earned in modern life through the display of wealth.
Then, as a starving student, I struggled to understand "conspicuous consumption," having little to consume.
IN these days of conspicuous consumption while the world faces a resource deficit on every front, Delhi Chief Minister Sheila Dikshit has found a one- stop answer to many of our problems, especially skyrocketing power bills.
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New coverage also includes consideration of bullying, the new concept of "emerging adulthood," the Hawthorne effect, Veblen's concept of conspicuous consumption, and the influence of global outsourcing.
Does he want to be the poster boy for unbridled, unapologetic conspicuous consumption? Maybe he does.
Keywords: bragging rights, destination choice, leisure tourism, conspicuous consumption status consumption, cool consumption
"Conspicuous consumption is very much a part of this culture of mass affluence in China, which is now coming into India, but is still much less," said Jahanzeb Naseer, product manager for Credit Suisse's equity research in Asia.