Question

According to Veblen, what is conspicuous consumption?

Answer 1

Conspicious Consumption, as described by Veblen, is a desire to consume high value items as means to show one's economic status. Conspicious Consumption can be explained with an example like a person uses a exorbitantly high priced bag which is a luxury item as a symbol of social and economic status which a lot of people admire and aspire but cannot afford. However, the person could have used a bag of a lower value and still serviced the purpose of using the bag.

Veblan, thus, explains the concept of conspicious consumption as the display of the wealth to serve the basic needs of life. This, according to Veblen, is a wastage of money and time.