Luxury yachts are popular vehicles for displaying wealth.
Definition
Coined by economist and sociologist Thorstein Veblen, the phrase conspicuous consumption describes consumption for the sake of displaying to others wealth, power, or prestige. Usually it is applied to expensive or luxury goods rather than everyday items.
Hedonistic (or hedonic) consumption focuses on consumer behavior which seeks sensory pleasures or hedonistic benefits provided by interaction with goods or services.
See also
- Wikipedia: Conspicuous consumption
References
- American Marketing Association, AMA Dictionary.