What is wrong with conspicuous consumption?

[Anonymous]

Anonymous wrote:

Conspicuous consumption bothers me for two reasons. One, it displays values that places material possessions above people and relationships. Two, every material item takes a toll on the environment. The more things you have (that will eventually end up in a landfill), the faster we deplete our planet of valuable resources and natural beauty

This isn’t really accurate. There is not necessarily any relationship between a person’s consumption and values assigned to people and relationships. It does not have to be one or the other - someone with a lot of money can buy brand items and still donate to causes, volunteer in the community, support family members, etc. I know many people who do all of these things.

I don't view buying brand items as conspicuous. I think of my cousins in Scottsdale, AZ and Ft Lauderdale who are crazy flashy about what they have. Instagram pics of their botoxed faces, fake boobs, bleached blond hair extentions, flashy sports cars (mostly rented), brunches at the Ritz, giant upgraded engagement rings, etc. I know them well enough to know they have nothing of substance to say. They are insecure and catty, constantly comparing themselves to their peers. If they volunteer, it's a charity gala or a five minute drop by to take a selfie. Anyone who was grounded enough to really volunteer their time would be embarrassed by their show of wealth. It's so tacky to go on and on about using the most expensive plastic surgeon for your fake boobs to people you dont even know while waiting in line for a skinny latte at Starbucks.

[Anonymous]

The consumption is a problem for the reasons people have already listed -- mainly environmental, though also the morality of consuming so much for yourself when many people need very basic things like food and housing.

But don't overlook the fundamental problem of the conspicuous part, too. Social media has made people very brazen about their consumption. What you used to only see or hear about if you were told directly or saw it yourself, you are now exposed to very easily on social media. Some people tout every big purchase, lavish vacation, wasteful spending on spoiled children. Not only is this tacky as hell, but it breeds competition and resentment and makes everyone, even the people who are not directly engaging in conspicuous consumption, less happy.

There's a reason that "old money" families often have lots of unwritten rules about not flaunting wealth. Yes, there is a lot of arrogance there. But in a practical sense, being low key about wealth helps to lessen social divides and makes people hate you less. That's good for rich people, but it's also arguably good for everyone because hate, resentment, and envy are so corrosive to social bonds.

[Anonymous]

Anonymous wrote:I’ve never heard anyone say conspicuous consumption is bad. If you got it, flaunt it!

Let me introduce you to Thorstein Veblen

https://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class

[Anonymous]

Anonymous wrote:I do not understand the negativity associated with financially successful people partaking in conspicuous consumption. So what if someone works hard and makes a good living? Who cares if they want to spend their money on goods that bring them joy?

Isn't hard work and success something to aspire to?

It exposes you to risks. Truly wealthy people are more concerned with risk mitigation than keeping up appearances or spending.

[Anonymous]

Anonymous wrote:The problem is that it demonstrates your values, and a lot of people reject your values. But it shows us who you are, so I guess that’s helpful.

By "us" you mean "you", and "you" is limited to you and your kind, which means: not everyone. Don't pretend that YOU are the ultimate and end-all judge of anyone other than yourself.

Every statement is not a general statement of fact, only a statement of individual preference and opinions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I do not understand the negativity associated with financially successful people partaking in conspicuous consumption. So what if someone works hard and makes a good living? Who cares if they want to spend their money on goods that bring them joy?

Isn't hard work and success something to aspire to?

It exposes you to risks. Truly wealthy people are more concerned with risk mitigation than keeping up appearances or spending.

People with huge wealth maintain a certain degree of conspicuous consumption in order to find ways to invest money. Multiple houses, many trusts, private planes to get to said multiple houses.

Risk mitigation frequently occurs with generational wealth that has become finite and they are trying to preserve what they have in a conservative manner.

[Anonymous]

Another poster said it right. It exposes the conspicuous person to a lot of envy, it comes across as greedy, and it can make people less advantaged feel less than. See: Versailles. That is just one example, history is replete with them.

That being said, consumption in of itself is not a bad thing. You should spend reasonably for yourself, your friend and family, the poor. Hoarding wealth is sad - you can't bury yourself in gold. An obviously, its bad for society.

[Anonymous]

Anonymous wrote:Another poster said it right. It exposes the conspicuous person to a lot of envy, it comes across as greedy, and it can make people less advantaged feel less than. See: Versailles. That is just one example, history is replete with them.

That being said, consumption in of itself is not a bad thing. You should spend reasonably for yourself, your friend and family, the poor. Hoarding wealth is sad - you can't bury yourself in gold. An obviously, its bad for society.

So true. I actually find it gross when people are so tight-fisted with their money. That's just my opinion, and from what I've seen on this board, that's a lot of ya'll.

[Anonymous]

Doing (buying) things you want to do (own) them and can afford to do (own) them is not conspicuous consumption. Doing things to specifically show how much money you have so that others know, is conspicuous consumption. It is more like bragging.

[Anonymous]

Anonymous wrote:Believe it or not conspicuous consumption helps drive the economy though not always in a climate friendly way. I don’t have a problem with people spending a lot of money but I have a problem with people who brag about it. We have a lot of money and we live very comfortably and while I can afford to fly private I don’t have the need to fly private though with Covid I may do it for health reasons. A nice $50,000 car can get me to the same place as a $150,000 car and I don’t worry about where I park it.

I remember seeing an article a few years back about a lake where there was a bad heat-related fish kill one summer (shallow lake, oxygen depletion or something). This couple is standing at their beach talking to a reporter about the fish kill and behind them is this huge pile of house that is almost entirely windows--McMansionesque, individual windows not solid glass walls, but still lots and lots of windows. And you could see all the lights were on, in daytime. It seemed very ironic.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve never heard anyone say conspicuous consumption is bad. If you got it, flaunt it!

Let me introduce you to Thorstein Veblen

https://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class

Fellow Carleton grad, or Econ major (or both)?

[Anonymous]

I have no idea if it is bad or not. Just focus on yourself and you will be much happier.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Another poster said it right. It exposes the conspicuous person to a lot of envy, it comes across as greedy, and it can make people less advantaged feel less than. See: Versailles. That is just one example, history is replete with them.

That being said, consumption in of itself is not a bad thing. You should spend reasonably for yourself, your friend and family, the poor. Hoarding wealth is sad - you can't bury yourself in gold. An obviously, its bad for society.

So true. I actually find it gross when people are so tight-fisted with their money. That's just my opinion, and from what I've seen on this board, that's a lot of ya'll.

Yea. This is most definitely DH and I. We see money as a game we invest so much and spend so little as compared to our income. Foe example we are in the same home we purchased 11 years ago. Our PITI is 2k/mo. Our HHI is 850k/yr. We drive Japanese cars, my DHs is a 2012. Most of our furniture is from costco and I just went to Khols the other night shopping for clothes. I love Khols cash. We do spend a mini fortune on our kids education which given the pandemic and that my kids are in school 5 days a week, that money has turned out to be very well spent.

I truly get more pleasure out of investing that buying things. Why do you take such offense at what I do with my money? How does it impact you?

[Anonymous]

Anonymous wrote:(1) Lots of people work hard, and don't make a good living. Don't confuse income with merit.

(2) CC shows that you are insecure (why else does it need to be *conspicuous*, if not to show off your money to others?), status-obsessed, and materialistic. You can spend your money on whatever you want, but conspicuous consumption is about showing off, and no one likes a show-off.

What’s wrong with showing off?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Another poster said it right. It exposes the conspicuous person to a lot of envy, it comes across as greedy, and it can make people less advantaged feel less than. See: Versailles. That is just one example, history is replete with them.

That being said, consumption in of itself is not a bad thing. You should spend reasonably for yourself, your friend and family, the poor. Hoarding wealth is sad - you can't bury yourself in gold. An obviously, its bad for society.

So true. I actually find it gross when people are so tight-fisted with their money. That's just my opinion, and from what I've seen on this board, that's a lot of ya'll.

Yea. This is most definitely DH and I. We see money as a game we invest so much and spend so little as compared to our income. Foe example we are in the same home we purchased 11 years ago. Our PITI is 2k/mo. Our HHI is 850k/yr. We drive Japanese cars, my DHs is a 2012. Most of our furniture is from costco and I just went to Khols the other night shopping for clothes. I love Khols cash. We do spend a mini fortune on our kids education which given the pandemic and that my kids are in school 5 days a week, that money has turned out to be very well spent.

I truly get more pleasure out of investing that buying things. Why do you take such offense at what I do with my money? How does it impact you?

How do you tip though? I'm guessing not with Benjamins.