Conspicuous consumption  

We have all been victims of conspicuous consumption at one stage or another. Trying to keep up with trends, buying the new phones, makeup, clothes and the unnecessary purchase of luxury items to demonstrate one’s wealth. Many of us have a desire to constantly buy new items so we are not falling behind our friends.

As teenagers, it can feel scary to be different to others. Not conforming to trends can cause a lot of stress for young people; however, this need to keep up with trends can follow some people into adulthood, leading to conspicuous consumption.

There are many theories on conspicuous consumption, the first one was developed by Thorstein Veblen in 1899. Veblen claimed that there was a relationship between a person’s material possessions and their social status. Veblen also stated that the goods consumed were wasteful and did not hold useful value to the consumer. In 1967, the theory was developed further by economist, James Duesenberry who first described the “bandwagon” effect. Duesenberry claimed that people purchased goods and services to maintain their self-esteem and keep up with social standards.

There are many ideas as to why conspicuous consumption exists. it could be due to competitiveness of individuals. Individuals could experience the feelings of insecurity because they are different from other people around them. People can also conspicuously consume items to hide their insecurities as they can believe that, luxury things can define them. Advertising also plays a huge role in unnecessary consumption. Advertising can make people feel as if they are missing out on an experience rather than just an item. Companies have found a way to get consumers to believe they are not just buying a product, but they are buying an experience along with it. So, what will you base your consumer choices on – jumping on the bandwagon to purchase things you don’t really need, or making ethical and responsible consumer choices?

Anonymous