DOES BUYING SOMETHING EXPENSIVE SAY I HAVE MADE IT? Conspicuous consumption involves the spending of money for the acquisition of luxury goods and services as a public display of economic power. Conspicuous consumption involves buying social status. Whether or not the quest for this social status is successful is another matter. Indeed, empirical evidence suggests […]

DOES BUYING SOMETHING EXPENSIVE SAY I HAVE MADE IT? Conspicuous consumption involves the spending of money for the acquisition of luxury goods and services as a public display of economic power. Conspicuous consumption involves buying social status. Whether or not the quest for this social status is successful is another matter. Indeed, empirical evidence suggests that success is highly variable. Conspicuous consumption is very common and difficult to describe as rational. Indeed, it is a demonstration of the irrational behaviour that is so common in consumers. I would argue that it is a sure sign of insecurity, by people who generally present themselves as being secure, or very comfortable in their own skin. Indeed, conspicuous consumption highlights the power of insecurity as a driver of human behaviour, and in particular, purchase behaviour. Marketing to insecurities is of course not limited to conspicuous consumption. Consider: Weight loss products marketing to consumer…