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Conspicuous consumption

Refers to consumption of goods or services that is mainly designed to show off one's wealth. The term was coined by Thorstein Veblen in the 1890s, who said that all classes in society, indulged in conspicuous consumption, even the poor (who, like the wealthy, sometimes buy something that is not essential and which is beyond their means). According to Veblen, the way to decide whether a certain item belongs in the category of conspicuous consumption is to ask, "whether, aside from acquired tastes and from the canons of usage and conventional decency, its result is a net gain in comfort or in the fullness of life."

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