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Thorsten Veblen’s conspicuous consumption grew from pecuniary emulation.In order to gain and to hold the esteem of people it is not sufficient merely to possess wealth or power.
Residents of big cities spend more on inconspicuous consumption than those in small cities.
In other words, the people who make up the “aspirational class” are exactly who you think they are: urban-dwelling, rich, well-educated white people. * * * What does the shift to more discreet forms of status-signaling say about society’s values, priorities, and the way we live now?
The product has to be elegant, exclusive (branded bag, jewellery etc.), or tailor made for the consumer.
Americans spend less money on china and porcelain than they did 20 years ago—both in absolute terms and as a share of their incomes—across every social class, from the bottom quintile to the One Percent.
(2) Conspicuous consumption as intention, motive, or instinct.
Thorsten Veblen’s conspicuous consumption stems from the division of wealth that was infinitely more obvious a hundred years ago when the divide between the haves and have-nots was easier to establish though the divide is in actuality even wider today.
This kind of spending is generally made by people who have considerable amount of disposable income to spend on goods and services which are not necessary, but are more luxurious in nature.
The concept is not new and has been part of society for long.
If we have to look at our society, there are many examples of conspicuous consumption.
Designer clothes, expensive jewellery, luxury cars, etc.