The Economics of Conspicuous Consumption

Abstract

A feature of the new consumer societies which has emerged in more recent years has been the growing economic and social importance of conspicuous consumption. Status-directed consumer demand, stimulated and promoted by the supply of products and services marketed as symbols of social identity and style, now represents a significant part of overall economic and commercial activity. Once regarded as a form of consumer behaviour associated only with the rich and privileged, conspicuous consumption is today a worldwide phenomenon, easily observed at all social and economic levels and a major determinant of the nature and direction of consumer demand.

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