Question

explain one example of conspicuous consumption by our consumers
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Answer 1

Explanation:

If we have to look at our society, there are many examples of conspicuous consumption. Designer clothes, expensive jewellery, luxury cars, etc. are some of examples which comes under forms of conspicuous consumption.

If we look at above examples we will find that conspicuous consumers often buy those goods & services which are too expensive for other classes of society (social status). They buy these expensive items to show that they are a class above or to show their spending power.

Advertising plays a major role in placing the product as a luxury item in the mind of consumers. The product has to be elegant, exclusive (branded bag, jewellery etc.), or tailor made for the consumer.