Conspicuous Consumption and Changing Consumption Patterns

Running head: BUSINESS RESEARCH METHODS
Business research method
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1BUSINESS RESEARCH METHODS
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,

2BUSINESS RESEARCH METHODS
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