conspicuous consumption

noun
public enjoyment of possessions that are known to be costly so that one's ability to pay for such things is flaunted.

Origin:
used by Thorstein Veblen in The Theory of the Leisure Class (1899)

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Based on the Random House Dictionary, © Random House, Inc. 2013.
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Collins
World English Dictionary
conspicuous consumption
 
n
spending in a lavish or ostentatious way, esp to impress others with one's wealth

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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00:10
Conspicuous consumption is always a great word to know.
So is callithumpian. Does it mean:
the offspring of a zebra and a donkey.
a children's mummer's parade, as on the Fourth of July, with prizes for the best costumes.
American Heritage
Cultural Dictionary

conspicuous consumption definition


Buying unnecessary and expensive products and services as a way to show off wealth. The term was coined by U.S. economist Thorstein Veblen in The Theory of the Leisure Class.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
These workers, who came of age during a tough job market, tend to shun
  conspicuous consumption.
It appears, for instance, to be a by-product of conspicuous consumption.
These obsessives are hardwired for conspicuous consumption, often with the
  emphasis on conspicuous.
Early governors used the tax to discourage conspicuous consumption and what was
  considered unsuitable behavior.
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