Lavish spending on high priced goods and services to flaunt one's wealth is called conspicuous consumption

Name: Lavish spending on high priced goods and services to flaunt one's wealth is called conspicuous consumption
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Conspicuous consumption is indeed the term used to describe the practice of spending money on expensive items or services in order to display one's wealth and status. This behavior can often be seen as a way for individuals to signal their wealth and social status to others.

Lavish Spending on High Priced Goods and Services to Flaunt