Question

According the institutional theory of conspicuous consumption (associated with Veblen and Schor), what drives peoples consumption choices?

Answer 1

Answer - In the theory conspicous consumption , the people want to maintain the high social standards and want the people to notice their standard. In this flow , they increase their consumption and usage of the luxury goods in order to show the society . They involve themselves in high value charity and donations and are involved in the public display of wealth and discretionary power and do everything that becomes their status symbol. Hence the lust for gaining the superior position drives the conspicuous consumption.