Lifestyle

Conspicuous consumption; wealth and social status in modern times 

Nowadays wealth and social behavior are the main topics of people’s discussion. In this article, we will go in-depth with this issue and present how social status and wealth work nowadays with the help of relevant sources. 

Conspicuous consumption is the term introduced by Norwegian-American sociologist Thorstein Veblen, who wrote it in his book ” The Theory of the Leisure Class” (1899). The term refers to the consumers who buy products to show their wealth and social status, and it does not cover the real need of the consumer. Companies nowadays try to use these perceptions in their email marketing, as understanding human psychology is a key to success. 

 All of the social classes have the people who start the chain, and the rest of the people follow them. According to Veblen, the chain makes people waste time and money. Whether the person is rich or poor, the person seeks to express himself by ”conspicuous consumption”. Veblen states that conspicuous consumption formed in the 19th century during the second Industrial Revolution. Demonstrations rather than practical usage govern the pattern of conspicuous consumption. In his book, Veblen demonstrated many goods and those goods are luxuries. Veblen’s goods are for the people who want to ”show off”’. Some brand companies use agency tools to organize their findings of data to organize their sales methods.  

As the good’s cost rises, consumers want to buy them eagerly. So the demand increases when the price rises and this is illogical for the lower classes. All of those goods are not a necessity; those are for showing wealth and certain social status. To illustrate the point we can use the example of eating with a silver spoon. There will be no benefit if you eat with a silver spoon, but it will show that you are from the upper class. In a broader sense, all the jewelry and diamonds are examples of Veblen’s goods. To have a discussion about this topic with the customers it would be nice to write a short paragraph, WordPress plugins also are beneficial for the online textual materials. 

Thorstein Veblen was an American economist and social scientist, born in 1857 to Norwegian parents in Wisconsin. Veblen did not know English before he went to school, all his life he spoke English with an accent. In many stages of his life, Veblen was seeking to find a job.  Even though he wrote almost all of his relevant sources in America, by instinct he was a citizen of nowhere. If we implement those ideologies in nowadays reality we will notice a huge time gap. Thus employees nowadays have tons of tools to find a job, they can book software for websites and work from home, without moving around.

 Thorstein Veblen had a goal to establish a new brand foundation for the subject field. Veblen could show the most useful examples of the real sense of life. In 1899 Veblen wrote ” The Theory of the Leisure Class” in one of the richest countries in the world. The purpose of the book is to show how people see the leisure class and the habit of consumption. He shows that sometimes need and consumption is not in the same line, there exists an untraditional line, where consumers buy to show. According to his point, people buy some products to display their social status. Again, those characteristics could be very beneficial for the brand companies to understand their sales, we suggest making charts and combining the brand analysis. It is always worth checking the features of a good table to have an organized and reliable table. 

Veblen wrote about the upper classes with a sense of irony. The work is serious economic research, but overall it is a satire on the upper classes. The book is fascinating to read, as it has the background economic information and the overall point is highlighting the connection between conspicuous consumption and people from the upper classes. However to implement conspicuous consumption study in nowadays reality you need to have project management skills to work with the data, conduct surveys, to modify information for the projects. 

In 1930 Veblen’s reputation reached its highest point. But all the stages of his life Veblen stayed pessimist and never committed any political action.   

Related Articles

Leave a Reply

Back to top button