Final answer:
The 1980s is the generation most known for conspicuous consumption, with its glorified material success and wealth display. Thorstein Veblen had earlier coined the term in the late 19th century to describe the spending habits that highlighted class distinctions. Even the 1950s marked considerable consumerism, intensified by the rise of credit options.
Step-by-step explanation:
The generation characterized by conspicuous consumption is most associated with the 1980s, a time when material success and the display of wealth became highly valued in American culture. The decade saw a resurgence in the belief that wealth was a sign of virtue, hard work, and prudence, leading to extravagant displays of affluence. This phenomenon was not just limited to individuals but was also evident among leading televangelists of the time, who showcased their prosperity by purchasing lavish homes and luxury items. The theory of conspicuous consumption, however, was first coined by Thorstein Veblen in the late nineteenth-century to describe the spending habits that distinguished the social classes and contributed to economic inefficiency.
In contrast to the 1980s, the 1950s also showcased a high level of consumerism, but the focus was more on the middle class and their desire for products that signified social and economic success. The emergence of credit options further fueled the ability and confidence of Americans to purchase more goods. Even during the 1960s, when the baby boomer generation questioned the culture of conformity, there was still a significant focus on consumption, although it was met with some resistance.