, the theory of conspicuous consumption is used to describe the purchase of commodities which satisfies no physical need
, only a psychological
need, that of identifying the consumer to others as having superior
wealth and social standing. Conspicuous consumption can also signify that a consumer belongs to a particular
group, and the consumption is 'necessary' to maintain that membership, a classic case of 'keeping up with the Joneses
The term was coined by Thorstein Veblen in his book The Theory of the Leisure Class published in 1899.