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Conspicuous consumption is a term used in sociology and economics to describe and explain the practice of buying and using goods at a higher price..
Conspicuous consumption is a term used in sociology and economics to describe and explain the practice of buying and using goods at a higher price, in greater quantities, or of a higher quality than is necessary. In 1899, the humanist Thorstein Veblen begat the term obvious utilization to make sense of the burning through of cash on and the gaining of extravagance products (labor and products) explicitly as a public showcase of monetary influence — the pay and the gathered abundance of the purchaser. The public display of discretionary income is an economic means for conspicuous consumers to either attain or maintain a particular social status.
In addition to identifying and describing other economic behaviors, Veblen's sociology of conspicuous consumption also identified and described invidious consumption, which is the ostentatious consumption of goods with the intention of making other people jealous; and conspicuous compassion, which is the extravagant use of charity to boost the donor's social standing and reputation; Therefore, conspicuous consumption is the source of the socioeconomic practices of consumerism.
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