![]() ![]() But surprisingly it is not restricted to one socio-economic group. For many, the brand name and designer label have become established factors in spending decisions.Ĭonspicuous consumption is now often used to describe spending on goods and services by individuals or households that wish to display their wealth or income. Roger Mason, former professor of consumer theory at the University of Salford, points out in his 2002 paper published in Intersubjectivity in Economics that “preoccupations with status-seeking consumption on the part of the rich and powerful are found in the earliest societies, and the extravagances and excesses of ruling élites have been well documented.” So although this is nothing new, what has changed is that with steadily increasing living standards during the 20 th century and into this one, more people around the world can now indulge in a pattern of consumption where outward appearances are more important than utility. However, the phenomenon itself represents a way of life that is long established. ![]() The expression was coined by the economist and sociologist Thorstein Veblen in his book The Theory of the Leisure Class (1899) as a way of describing the pattern of consumption he observed in the 19 th century. Whether through the pressure felt by adults to “keep up with the Joneses,” the demand by teenagers for items of clothing bearing a certain logo, or news items describing the leader of an impoverished country buying himself a new yacht, most of us have observed the phenomenon known as conspicuous consumption. ![]()
0 Comments
Leave a Reply. |