Conspicuous Consumption and Changing Consumption Patterns

This article explores the concept of conspicuous consumption and its impact on changing consumption patterns. It discusses the psychological, economic, and social factors influencing luxury consumption. It also highlights the role of digital media in driving news consumption trends.

Running head: BUSINESS RESEARCH METHODS
Business research method
Name of the student
Name of the university
Author note

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Brief summary of the theory of progression
In the year 1899 the Conspicuous consumption theory was introduced by Torstein
Veblen. As per this concept, people spend their financial wealth to acquire the luxury products
for displaying the strong financial status to others (Correia, Kozak and Reis 2016). In this
process the level of income as well as the discretionary economic power of people is being
shown for improving the social status. In case of conspicuous consumption, the envy of people
are being provoked by others depending on the consumption of goods. Hence, conspicuous
consumption can be described as the compassion for deliberately using the money for enhancing
social prestige.
Common themes and findings
In the first article namely ‘Explaining variation in conspicuous luxury consumption: An
individual differences' perspective’, Kastanakis and Balabanis (2014), shed light on the two
distinct forms of conspicuous consumption and different factors of engaging in such luxury
behavior. In this article, it has been identified that due to changing buying pattern of the people,
the consumption towards luxuries has been increased. Depending on the psychological
constructs, the variation in the conspicuous consumption pattern can be shown. In the second
article ‘. Conspicuous consumption of the elite: Social and self-congruity in tourism choices’,
the economic psychological and social characteristics of human have been mentioned by
highlighting the Portuguese citizens. Analyzing the daily consumption pattern of Portuguese
citizens, it has impacted on their travel pattern also (Correia, Kozak and Reis 2016). Individuals’
perspectives regarding the conspicuous ravel pattern has been analyzed. It can be said that in
order to differentiate individuals from the mainstream, the higher exposure trend for preferring
subtle conspicuousness signals is important. In the third article ‘Conspicuous consumption,

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luxury products and counterfeit market in the UK’, the increasing growth rate of fashion brands
after the changing pattern of consumption has been highlighted. In the words of Pham and Nasir
(2016), due to changing economic opportunities in the market, the consumption trend is rapidly
changing. It has been mentioned in this study that in case of frequent purchasing process, the
counterfeit reversion brings the negative impact on the business growth. Some of the cases,
brand fascination influence the people towards purchasing from the counterfeit market, however
in the larger aspects, people mostly avoid the counterfeit luxury products. Hence, in this article
the author tried to highlight the human attitude for accepting ‘the counterfeit do not greatly
successes in the market due changing consumption pattern. In the fourth article, namely ‘From
everyday communicative figurations to rigorous audience news repertoires: A mixed method
approach to cross-media news consumption’ Kobbernagel and Schrøder (2016), stated that
digital media has been highlighted as the important key driver in consumption pattern. Using the
mixed method, the author has identified the news consumption trend has been changed due to
introduction of different media platform in the industry after the economic development.
Different themes
In the first article, the changing behavioral characteristics of human have been
highlighted as for driving the conspicuous consumption pattern. Here the author has highlighted
psychological constructor as the major influencer for bringing luxury consumption habits among
people and proved it by using model of conspicuous luxury consumption (Kastanakis and
Balabanis 2014). In the second article, not only the psychological characteristics, but also
economic and social perspectives have been highlighted. The research has been developed by the
author depending on the travel consumption pattern of Portuguese people, which cannot be
related with the industrial context (Correia, Kozak and Reis 2016). In the third article, fashion

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industry in UK has been highlighted. It is identified that with increasing economic opportunities,
people have become highly brand fascinated, which has decreased their interest towards
consuming counterfeit luxury products (Pham and Nasir 2016). On the other hand, in case of
fourth article, digital media platform and its impact of changing the new consumption trend has
been highlighted (Kobbernagel and Schrøder 2016).
Limitations
The major limitation in the first article is it has not specified any particular industry.
Depending on the global context the research has been developed. On the other hand, here the
author has mentioned about model of conspicuous luxury consumption, however, has not
provided description in detail (Kastanakis and Balabanis 2014). On the other hand, the second
article has been developed depending on the particularly the travel consumption trend of
Portuguese people (Correia, Kozak and Reis 2016). In that case, analyzing the travel
consumption in the global context, the article cannot be beneficial. By continuing this, it can be
said that the third article has been also developed depending on the specifically UK fashion
industry (Pham and Nasir 2016). In fourth article, the digital media has been highlighted for
driving the news consumption pattern of the people (Kobbernagel and Schrøder 2016). In that
case, the economic opportunities and social standard should be included as the important
influential factors for driving consumption trend.
Future research directions
Analyzing all the four articles, it can be said that in the first article, it has been identified
that psychological characteristics of human has been discussed, which can be beneficial for the
organizations to analyze the demands and needs of the customers properly (Kastanakis and
Balabanis 2014). In case of second article, both the social and economic influences have been

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highlighted for driving the consumption pattern (Correia, Kozak and Reis 2016). Through this
article, the author has tried to analyze the impact of economic and social factors on driving
human characteristics, which can help the travel organizations that wants to develop business in
Portugal. The third article has shed light on changing fashion consumption trend of UK people.
The author has identified that due to increasing fashion opportunities, people have become brand
fascinated (Pham and Nasir 2016). In that case, the fashion brands that provide the luxury
products in the market, can be able to easily identify the target customers. Due to decreasing
substitute product purchasing trend among the customers, entrepreneurs can bring changes in
their growth strategies. In the fourth article, the news consumption trend of viewers has been
discussed. It can be assumed that, if the news organizations will increase the involvement of
digital media in case of providing their services, in that case, the growth rate can be easily
increased in an effective manner (Kobbernagel and Schrøder 2016).

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Reference list
Correia, A., Kozak, M. and Reis, H., 2016. Conspicuous consumption of the elite: Social and
self-congruity in tourism choices. Journal of Travel Research, 55(6), pp.738-750.
Kastanakis, M.N. and Balabanis, G., 2014. Explaining variation in conspicuous luxury
consumption: An individual differences' perspective. Journal of Business Research, 67(10),
pp.2147-2154.
Pham, T.H.M. and Nasir, M.A., 2016. Conspicuous consumption, luxury products and
counterfeit market in the UK. The European Journal of applied economics, 13(1), pp.72-83
Kobbernagel, C. and Schrøder, K.C., 2016. From everyday communicative figurations to
rigorous audience news repertoires: A mixed method approach to cross-media news
consumption. MedieKultur: Journal of media and communication research, 32(60), p.26.
Conceptual Kastanakis, M.N. and Balabanis, G., 2014. Explaining variation in
conspicuous luxury consumption: An individual differences'
perspective. Journal of Business Research, 67(10), pp.2147-2154.
Qualitative Correia, A., Kozak, M. and Reis, H., 2016. Conspicuous consumption of the
elite: Social and self-congruity in tourism choices. Journal of Travel
Research, 55(6), pp.738-750.
Quantitative Pham, T.H.M. and Nasir, M.A., 2016. Conspicuous consumption, luxury
products and counterfeit market in the UK. The European Journal of
applied economics, 13(1), pp.72-83
Mixed method Kobbernagel, C. and Schrøder, K.C., 2016. From everyday communicative
figurations to rigorous audience news repertoires: A mixed method

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approach to cross-media news consumption. MedieKultur: Journal of
media and communication research, 32(60), p.26.