A young man has to buy all the newest and most expensive items so his friends will be impressed. When he gets tired of his car or phone, he buys a new one. He is engaging in conspicuous consumption.
What is conspicuous consumption?
Conspicuous spending is defined as the purchase of goods or services with the sole purpose of exhibiting wealth.
When people do things just for to impress other people or other members of one's class, conspicuous consumerism is a technique to demonstrate one's social status.
Thus it is called conspicuous consumption
For more details about conspicuous consumption click here
https://brainly.com/question/8243645
#SPJ1
