Conspicuous Consumption

Extravagant and ostentatious expenditure. Conspicuous consumption is meant not to satisfy any physical need, but rather to gratify the psychological craving for status or the esteem of others. The term was first used by the US sociologist and economist Thorstein Bunde Veblen (1857-1929) in his 1899 book ‘The Theory Of The Leisure Class.’

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