In
economics, 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.