On conspicuous consumption and its impact on society

Abstract

This thesis is on the rounded description of conspicuous consumption that Thorstein Veblen introduced over a century ago. Firstly, we discuss the meaning of the term and what it reflects as well as its evolution in modern societies. Then, we refer to the goods that are preferred for their conspicuousness and how conspicuous consumption affects the aggregate demand curve of products. Following, we present a comprehensive list of motivators and how they lead to vicarious spending. Lastly, we include the consequences of conspicuous consumption behavior regarding financial, environmental, and societal sectors.