To what does the term conspicuous consumption refer?

Question

Quizplus · Accepted Answer

Conspicuous consumption refers to the act of publicly displaying one’s power and status through the accumulation and display of luxury goods and services. This term was coined by economist Thorstein Veblen in his book "Theory of the Leisure Class" and is often associated with the wealthy and affluent members of society who can afford to indulge in lavish spending as a means of enhancing their social status.

To What Does the Term Conspicuous Consumption Refer