It denotes the action to purchase a number of things, particularly expensive items that cannot be considered as the necessity for the life of an individual. These purchases are displayed in a manner that people in the society notice and observe the strong socio- economic identity of an individual.
In the psychological sense, the conspicuous consumption of an individual is not only dependent on the real level of spending, but is also depending upon the degree at which these spending are done (Dittmar, 2008). This has been linked with the behaviours of people that they display their great wealth and identity by the sources of idleness that expend majority of the time in practicing luxurious activities, and spend a lot of time for consumption of luxurious items and services.
Hence, this theory helps in explaining the mechanics of a customer society in terms of psychology. The interpretation of each and every variant and providing a complementary detail is drafted from the sociological proposition of an individual towards identity within the society (Veblen, 2009). Also, this theory helps in deriving the honour of having a superior position in terms of status in the society.
Theory of Symbol Consumption
The theory of symbolic consumption, also referred to as symbolic exchange helps in representing a relevant concept in order to understand the prediction of Marx with respect to collapse in the concept of capitalism (Baudrillard, 2006). This theory has a huge link with the concepts of Marx in the utilization of value along with an exchange of value that provides an explanation of the present society oriented by consumers.
The purchases of products take on a value of symbol that consists of their power as well as status in the society having a close relation with the development of identity. From the perception of Baudrillard, the objects being consumed can be considered as a sign of thorough infiltration of the society (Baudrillard, 2006). The point at which the society has reached is where the level and degree of consumption is to lay on holding the entire life. Each and every commodity is laid with the value of symbol, which seems to be having eclipsed with monetary values and utility.