Final answer:
The goal of conspicuous consumption is to display wealth and social status through the purchase of luxury goods and services, often to symbolize one's standing and to differentiate oneself from others. This concept has been exploited in consumer marketing to encourage people to buy more as a means of achieving happiness or success.
Step-by-step explanation:
The goal of conspicuous consumption is to symbolically communicate social standing through the purchase and use of certain products. This social behavior entails buying expensive items not necessarily for their practical utility but to make a statement about one's status. For instance, carrying high-priced but eco-friendly water bottles can signify one's environmental awareness and financial capacity, while driving a $100,000 luxury vehicle over a $17,000 car can convey wealth and a higher social position.
Conspicuous consumption is often critically viewed as it can exacerbate social stratification and encourage a culture of consumerism over sustainable practices. Reflecting the values of a society, it evolves with the prevailing social norms. In communities that value egalitarianism, for example, displays of wealth might be considered in poor taste and discourage such consumption habits.
In the context of marketing, conspicuous consumption is exploited by emphasizing the emotional satisfaction consumers may derive from owning luxury goods, thereby encouraging continued purchasing of high-end products to maintain or elevate one's perceived social status.