Final answer:
Conspicuous consumption is buying items to display one's wealth and social status, rather than for practical purposes. It showcases consumerism's role in symbolizing economic power and can reflect societal values towards material wealth and success.
Step-by-step explanation:
The term conspicuous consumption was coined by Thorstein Veblen and refers to the practice of buying things to make a statement about one's social position. It involves the purchase and use of goods to convey a person's standing in society. For instance, someone might buy a luxury car not just for transportation but to symbolize wealth and status.
Conspicuous consumption often results in buying goods that are unnecessary for practical purposes but serve a symbolic function, such as expensive clothing, jewelry, tech gadgets, or cars. This behavior is intended to display economic power and to invite admiration or envy from others. It stands in contrast to more egalitarian values found in some societies where ostentatious displays of wealth are considered in poor taste.
Understanding this concept is vital as it reflects the values of a society and raises questions about the true benefits of consumerism. While consuming goods can bring enjoyment, conspicuous consumption can indicate wider societal beliefs about status, success, and the pursuit of happiness through material possession.