Question

What are 4 example items of conspicuous consumption that is come across in daily life? Describe another social meaning that might be assigned to each example item if viewed from a different perspective. Explanation of the purpose conspicuous consumption serves and the societal factors that encourage conspicuous consumption.

Answer 1

Examples

Fashion designer clothes are not a necessity; they serve the purpose to show that the person who wears them affords them and has a certain social status.

Diamonds or jewelry in the broader sense, are other Veblen goods and so are high-end watches.

One of the most cited Veblen goods are luxurious cars like Rolls Royce or Bentley.

Silverware is another example of conspicuous consumption. There is no added benefit of eating with a silver spoon.

Besides that, taking care of the silverware is time consuming too as it requires regular polishing.

The fact that they are used mainly when guests arrive shows that they are an item, whose main purpose is to show others the status of the owner.

Purpose

How Conspicuous Consumption is Expressed Through Product Choice
Conspicuous consumption can be exemplified by the purchase of goods that are almost exclusively designed with the intent of serving as symbols of wealth. For example, while there are many types of high-end smartphones on the market from major manufacturers, specialty smartphones created strictly as luxury items have also been produced.

All smartphones effectively offer the same core communications features with software and apps installed on them providing much of the functionality. However, designer smartphones are available from such luxury brands as Bentley and Lamborghini. The hardware within the phones will almost always be the best available, but what often sets these smartphones apart are the exterior casings, which may be made from leather, titanium, or even granite. The infamous Black Diamond iPhone, priced at $15 million, was basically just a top of the line iPhone 5 encased in gold, encrusted with gems, and include a black diamond.

It might be argued that making such a purchase comes with some assurance that the user will have the best available device in their possession, however far less expensive versions of the same device are also on the market. Procuring such products largely is aimed at driving a conversation around its acquisition and the fact that the owner could afford to make such an extravagant purchase.

Similar might be said regarding limited edition, high-performance supercars, which are designed for speed and visual appeal but have little practical use. Such vehicles, from makers such as McLaren Automotive and Bugatti Automobiles, are produced in small batches and easily cost more than $1 million each. The top speeds of supercars typically cannot be safely, or legally, achieved on most roads. Ownership of these vehicles can be an expression of conspicuous consumption because the full capabilities of supercars can rarely be experienced – even by the owner.

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