Conspicuous Consumption is spending of money and the acquiring of luxury goods to publicly display income/ accumulated wealth signalling their superior social status in society.
India with a booming economy and improved living standards has witnessed a steep rise in consumerism off late. Our aspiration to live an extravagant life and the desire of immediate gratification and expectations has led to a consumption binge with lesser practical utility.
Today, growth in consumerism is observed across all tiers of the society. Larger homes, expensive cars, designer clothes and electronic accessories are confounded as needs, rather than a luxury. Saving for retirement and insuring against emergencies are among the last things in our mind.
Yet, the onus is on you and me and the society to avoid falling into this trap of conspicuous consumption because “If you buy things you don’t need, soon you will have to sell things you need”.
A must watch video for all. Do comment and share the video with your friends, relative and neighbours.