What term describes the practice of purchasing and displaying luxury goods to signal social status?

The term that describes the practice of buying and showing off luxury goods to show social status is called "conspicuous consumption. " This means that people buy expensive items not just for their usefulness, but to impress others and show that they have wealth. For example, someone might buy a designer handbag or a fancy car to make others think they are successful and important. This behavior is often linked to the idea that owning luxurious items can elevate a person's social standing in the eyes of others. Ultimately, conspicuous consumption reflects how society values certain goods and the status associated with them.