Thorstein Veblen coined the term <u>conspicuous consumption</u>.
<u>Explanation:</u>
The concept of conspicuous consumption can be explained as the wealthy people enjoy showing off their wealth like driving around their neighborhood in their luxury automobiles.
Conspicuous consumption means spending of money on buying luxury goods and services to publicly show off one’s economic power. The term conspicuous consumption was coined by Thorstein Veblen.
The social status of the person is depicted in the conspicuous consumption. In-spite of rich or poor everyone seeks attention.
