Final answer:
Conspicuous consumption is the practice of purchasing and using goods to make a social statement about one's status, such as buying luxury items that are not necessities but serve as status symbols.
Step-by-step explanation:
The concept "conspicuous consumption" refers to the practice of buying things to make a statement about one's social position. It is an act carried out to symbolically communicate social standing, which often involves the purchase and use of certain products. For example, some people may buy expensive trendy sneakers even if they don't require them for sports, simply because owning such items is perceived as a status symbol.
Similarly, choosing to drive a $100,000 luxury vehicle over a $17,000 car that serves the same basic transportation purpose can make a significant social statement. This behavior can vary by culture; for instance, in some societies, conspicuous consumption is frowned upon and seen as in poor taste, while in others, it is deeply intertwined with cultural norms surrounding success.