Others believe that the things we consume and own show who we are, whether rich or ordinary. Some scholars say it is the result of capitalism, which encourages materialism as society becomes more advanced. There are many reasons why people consume just to show off. In fact, they may already own several watches. Due to prestige, you save some money so that it is enough to buy an iPhone.Īlso, some of your friends may buy luxury watches just to show off to you. Social status, prestige, or wealth are other motives for the consumption of products.įor example, when your friends use premium smartphones, such as iPhones, you may also buy them, even if you don’t have enough money. Specifically, he examines the upper classes’ consumption behavior that emerged during the second industrial revolution, which promoted their power and social prestige.Īnd, now, the concept applies to all consumers, not just high-end. He views that some consumption behavior is driven more by social factors than by rational economic factors. Thorstein Veblen introduced the term conspicuous consumption in 1899.
It also raises doubts about the concept of a welfare economy based on consumers’ rational choice assumptions. However, conspicuous consumption casts doubt on such views. They consider price and income before deciding to buy a product. Consumers tend to be rational in making choices. In conventional concepts, the goal of consumption is to satisfy needs and wants (utility).
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