Buying goods and services not for their intrinsic value but for the purpose of impressing others is called?

1 answer:

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Buying goods and services not for their intrinsic value but for the purpose of impressing others is called Conspicuous consumption.

What is Conspicuous consumption?

Conspicuous consumption is the act of acquiring things or services specifically with the intention of flaunting one's wealth. When publicly displayed products and services are too expensive for other people in a person's class, conspicuous consumption is a way to demonstrate one's social position. Although it is frequently associated with the wealthy, this type of consumerism can occur in any income class.

Conspicuous consumption is characterized by buying products that are solely intended to serve as symbols of wealth, such as apparel with luxury brand labels, cutting-edge equipment and toys, and automobiles.

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