International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013 250

ISSN 2229-5518

Conspicuous Consumption of Luxury Goods: Literature Review of Theoretical and Empirical Evidences

Armando MEMUSHI

Abstract— Developing countries may have relatively higher levels of conspicuous consumption, because of extreme income inequalities. In spite of the massive volume of “foreign” research, the exact nature of conspicuous consumption has not been fully investigated. Drawing upon existing relevant literature, this paper briefly discusses several aspects of the phenomenon. Changes in conspicuous consumption (and its definition) during time are presented. Some of the reasons behind conspicuous consumption and motivations that lead consumers toward it are explained, drawing upon relevant analyses made by researchers coming from economics, marketing, sociology and psychology. Identifying which factors may have an impact on the level of conspicuous consumption of a household, is maybe the main and the most difficult of the problems discussed below.

Index Terms— Conspicuous Consumption, Luxury Goods, Factors, History, Motivations, Signalling.

JEL Classification— D03, D12, Z13.

1 INTRODUCTION

——————————  ——————————
HE term conspicuous consumption is familiar to most econ- omists, marketers, sociologists and psychologists and it
positions of individuals in the social hierarchy.[26] Veblen is one of the first theorists who argued that consumption is actu-

IJSER

has also become part of everyday language. This term is
often used in a vague descriptive sense to refer to any non
utilitarian forms of consumption, or simply to that which is
judged extravagant, luxurious, or wasteful.[5] Even though,
the number of scientific studies conducted in this field is still
relatively low, maybe due to the interdisciplinary character of
the topic. The study of such a phenomenon may be a subject of
common interest, especially in a developing country like Al-
bania. Developing countries may have a relatively higher level
of conspicuous consumption, because of extreme inequalities in income. The relatively frequent appearance of such a behav- ior in the Balkans in general, seems to confirm this idea. Thus, it sounds particularly fascinating to investigate reasons, fac-
tors and other aspects concerning this behavior. This may help to better understand the coexistence of the impossibility to fulfill sometimes even the basic needs and the insistence to buy extremely expensive products simply to show off, on the other side.
The concept studied here has its origins in the work of Thorstein Bunde Veblen (1857–1929), a Norwegian-American economist and sociologist, one of the founders of institutional economics. He wrote his “The Theory of the Leisure Class” more than one hundred years ago (1899), based entirely on observa- tion. Even though, it still represents a powerful critique of the neoclassical theory of consumption. It contrasts the neoclassi- cal approach, which assumes the individual's maximization of utility according to exogenous preferences, by developing an evolutionary framework in which there are also social factors. Thus, preferences are determined socially depending on the

————————————————

• Armando Memushi is currently a Ph.D. candidate/Lecturer at the Faculty of Economy, University of Tirana, Albania.

E-mail: armandomemushi@yahoo.com
ally a process of socialization and goods have a function as
markers of social class.[18] He argues that “wealthy individu-
als often consume highly conspicuous goods and services in
order to advertise their wealth, thereby achieving greater so-
cial status”.[3] He named this kind of unnecessary and unpro-
ductive expenditures, as conspicuous consumption. Hence, he
ignores that even those from the lowest scales of the hierarchy
can also engage in conspicuous consumption. Therefore, con-
spicuous consumption is seen mistakenly as an exclusive in-
strument for the rich. Finally, even after a closed reading and analysis of the different arguments given in The Theory of the Leisure Class, the formulation of Veblen's most famous concept is not sufficiently clear to permit any general agreement on its
definition.[5]
Reformulating arguments given by Veblen, conspicuous
consumption can be defined as the consumption of goods and
services that is motivated mainly by secondary (conspicuous)
utility, i.e. utility deriving by evidence or social confirmation
of the consumer's relative ability to pay.[4] Consumers make
their decisions to buy and consume “conspicuous” goods,
paying attention not only to the material needs that these
products can satisfy, but also to social needs such as pres- tige.[2] Hence, individuals (not only the rich ones, but also middle class and working class members) involve in a compet- itive race for gaining status or prestige. Examining modern
relevant literature, Scheetz defines conspicuous consumption to be any consumption which purpose is that of showing off wealth to others when the good is publicly consumed, “rang- ing from applying an expensive lipstick in public to driving an expensive car”.[22] So, the concept created by Veblen, is gen- erally seen by researchers (mainly economists) as a process or means to achieve or maintain status and other social benefits, mainly through the consumption of luxury goods. It is still almost impossible to give an exhaustive definition of it, maybe

International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013 251

ISSN 2229-5518

due to the mix nature of the phenomenon, which brings the need of multidisciplinary analysis combining viewpoints from economics, marketing, sociology, psychology and even biolo- gy. “Consumer behavior is often too complex to be handled by economics alone and, if done, may severely limit the scope of findings.”[7]
Drawing upon existing relevant literature, this paper brief- ly discusses several aspects of the phenomenon. Changes in conspicuous consumption (and its definition) during time are presented. Some of the reasons behind conspicuous consump- tion and motivations that lead consumers toward it are ex- plained, drawing upon relevant analyses made by researchers coming from economics, marketing, sociology and psycholo- gy. Identifying which factors may have an impact on the level of conspicuous consumptions of a household, is maybe the main and the most difficult of the problems discussed below. This study aims to be only the starting point of future more extended examinations in upcoming research. A questionnaire will be soon conducted to find out the main reasons and moti- vations lying beneath conspicuous consumption of luxury goods in the Albanian environment. Moreover, an economet- ric analysis of the level of such consumption in the Albanian households will be certainly developed, using data from the Living Standards Measurement Surveys, for more than 3500
households.
consumption is not a recent phenomenon. The early civiliza- tions were plentiful of material displays of power. The upper classes “decorated” themselves with jewelry that was fash- ioned from rare and exotic materials.[16] Rulers sponsored elaborate ceremonies, which often required special equipment and in which many people were employed as actors and par- ticipants. During them, large quantities of food and manufac- tured goods were destroyed as offerings or distributed among the participants. The fact that conspicuous consumption was satirized by Petronius, and mocked in several plays by Plautus demonstrates that these issues were not unknown to wider audiences of that time.[21] Attitudes and even laws concern- ing conspicuous consumption and luxury have been presented by Ray, demonstrating the various desires exhibited by some sectors of Roman society. He also makes comparisons, giving examples from the Ancient Greece world. Signs of similar wasteful consumption can be found even among ancient Pol- ynesians.[13]
In the ancient civilizations large amounts of resources were also invested in elaborating and maintaining complex systems of writing, calendric systems, astrology, divination and other religious traditions, being that a large part of the “great tradi- tion”.[27] This served to emphasize the cultural gap between the upper and lower classes, the social and political disad-
vantage of the subordinate ones. During the early phases of

IJSEgyptian civilizaRtion, for example, even royal effigies were

2 HISTORY OF CONSPICUOUS CONSUMPTION

“The wish to become proper objects of this respect, to deserve and obtain this credit and rank among our equals, may be the strongest of all our desires.”

Adam Smith

Veblen was not the first… Few of the concepts or theories of Thorstein Veblen figure in ongoing debates or are em- ployed in contemporary research; the one obvious exception is his concept of conspicuous consumption.[5] Even though he is the creator of the concept, it is certainly not the first economist to write about such a behavior. Adam Smith argued that “it is not wealth that men desire, but the consideration and good opinion that wait upon riches”. Karl Marx already noted that ostentatious consumption can be seen as a business necessity and a signal of trust, to attract further capital.[14]

But, it must be mentioned that conspicuous consumption was not considered as an interesting area of study, for a long time. Even Veblen himself was first not considered as a “real economist” and his ideas related to the consumer theory were rejected as non scientific. Only in the XX century, mainly after the Great Depression, economists and researchers from other fields began to make efforts to explain such a phenomenon and its implications on the economy.

Seeing a woman all dressed up for a trip to the city, Socrates re- marked: “I suspect that your trip is not to see the city, but for the city to see you…”

Socrates (470-339 B.C.)

A long story of…conspicuous consumption. Conspicuous

some times placed where they could be seen by ordinary peo-
ple, aiming through these means to give the message of differ-
entiation and exclusion.
Monumental architecture in early civilizations is also a typ-
ical example of conspicuous consumption. Power was symbol-
ized and reinforced by the large scale on which processional
ways, palaces, throne rooms, temple platforms, and royal
tombs were constructed.[27] Signs of such “wasteful” con-
sumption can be easily found in the Aztec culture and the be-
havior of Aztec rulers. For example, pleasure parks and palac-
es and their role in courtly life can be described and interpret- ed as pure examples of conspicuous consumption and vehicles for status rivalry between the two great noble lineages of Az- tec Mexico, rulers of the two major cities, Tenochtitlan and
Texcoco.[9]
These are only a few examples showing the presence of
conspicuous consumption and related phenomena in early
civilizations all over the world. As it can be seen, these behav-
iors were strictly related to rulers and other members of the
elite classes (nobility).
During the XVI-XVII centuries, in Europe production was
considered to be the main economic mechanism and impulse
behind the advancement of a wealthy nation and luxury con- sumption was therefore condemned.[18] However, a new real- ity was created because of developments made in communica- tion, transportation and construction after the Industrial Revo-
lution. In this new environment, increasing income, new em- ployments and geographical mobility generated an ambitious middle class, whose members participated with enthusiasm in the game of ownership and ostentatious behavior, a privilege of the aristocratic elites until then.[17] This situation inspired Veblen later on to conduct research and to write his “theory”,

International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013 252

ISSN 2229-5518

aiming to explain and mainly criticize the behavior of the nou- veaux riches.

Table 1: Conspicuous consumption during time

dividuals to sacrifice survival activities (such as the acquisition of nutritious food, of adequate shelter, of health care, etc.), in order to buy other goods with zero or negative survival value (like luxury goods, leisure travel, entertainment, etc.).[8] He argues that this desire for conspicuous consumption was shaped during evolutionary times by a mechanism that biolo- gists define as sexual selection. This occurs when an observa- ble trait (in our case, conspicuous consumption) is used by members of one sex to signal their unobservable characteris- tics valuable to members of the opposite sex. Furthermore, it is explained that there is an analogy between the standard eco- nomics problem of utility maximization and the standard bi- ology problem of the maximization of individual fitness (the ability to pass genes to next generations). A strict theoretical foundation is set up, to include conspicuous consumption in the utility function.
Similarly, Pollet & Thienpont manage to show that con- spicuous consumption has its roots in sexual selection, follow- ing Darwin’s arguments and contrasting Veblen who stated that natural selection is unable to explain the persistence of “wasteful” behavior. They trace the origins of the phenome- non back to the theory of sexual selection, more particularly to the handicap principle.[19] According to these arguments, reliable and therefore costly signals (like conspicuous con-
sumption) that signal a man’s mate value will be developed, to
avoid the risk of deception.
Drawing on several theories of different disciplines Sundie
et al. made a thorough investigation of the nature of this be-
havior, by examining both the display (communication) and
In the modern societies, conspicuous consumption contin-
ued to be present, with periods of rising and falling down,
related to social, economic and political background.[18] It is
still present and even more discussed nowadays. Living in a
“society of image”, consumers have even more incentives to
conspicuously consume. Furthermore, this phenomenon is no
more a privilege of the upper classes, but a common behavior
even among the “masses”.[7] Maybe, one of the factors staying
behind of the recent financial and economic global crisis can
be found in behaviors related to this phenomenon, especially
among consumers in the USA and West Europe.[29]
Chaudhuri & Majumdar propose a periodic analysis of con-
spicuous consumption behavior, “depicting its evolution, na- ture and character”. Table 1 summarizes the main ideas in the paper, concerning changes in objects of conspicuous consump- tion, motives, dimensions and classes engaged in it, during
time.

3 REASONS AND MOTIVATIONS TO CONSPICUOUSLY

CONSUME

In spite of the massive volume of research, the exact nature of the reasons behind conspicuous consumption and motivations that lead consumers toward it has not been fully investigated. Some of them are explained below, drawing upon relevant analyses made by researchers coming from different fields.

Sexual signaling (evolutionary viewpoint). De Fraja gives an interesting explanation for the universal human desire for increasing consumption, and the associated propensity of in-

the perception (interpretation) sides of conspicuous consump- tion. The conducted experiments demonstrate that the motiva- tion to conspicuously consume and display, in a mating con- text, is evident among men.[24] Despite this, observed increas- es in conspicuous consumption in response to mating motiva- tions are not universal among them. For example, when ex- plicitly primed with a desire for long-term mates, these unre- stricted men did not increase in their conspicuous consump- tion tendencies. Furthermore, men who purchase luxury goods are perceived as more attractive specifically as short- term (but not long-term) partners. The research suggests that “conspicuous products such as Porsches might serve, for hu- mans, an analogous function to that served by conspicuous tails for peacocks”. Janssens et al. conducted other experi- ments with more than 100 male students participating, which further support the link between conspicuous consumption and male mating strategies.[10] Their study shows that expo- sure to a sexily dressed female experimenter increases single men’s attention to status products (and decreases the attention to simple functional products) displayed to them.

Social signaling (emulation vs. conformity vs. unique-

ness). Maybe the most effective demonstration of political and economic power of a ruler is the ability to consume part of the energy he controls for non-utilitarian purposes.[27] Hence, this conspicuous consumption is the most basic way in which the power of leaders can be symbolically reinforced. That is why monumental architecture and the consumption of luxury goods are a commonly understood expression of the power of leaders in previous civilizations, as explained above. Further-

International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013 253

ISSN 2229-5518

more, this kind of behavior is known even to modern rulers, just assuming characteristics which are different from them of their predecessors.
According to the concept of “pecuniary emulation” intro- duced by Veblen in his theory of conspicuous consumption, individuals tend to imitate the consumption habits of other ones, situated at higher positions in the social hierarchy.[26] The members of each stratum try to emulate the consumption patterns of the class above it, in order to appear to be a mem- ber of the upper class. The result is that pressures to engage in conspicuous consumption affect even the poorest classes of the society.
Veblen evidenced also a second type of conspicuous con- sumption, related to the desire for uniqueness. Members of the upper class conspicuously consume, in order to differentiate themselves from individuals of lower classes.[2] Knowing that costs related to this kind of consumption must be large, this behavior can reduce imitation and further signal their high status. But, according to Veblen, this occurs less frequently than the pecuniary emulation. Individuals follow a specific consume pattern in order to be more like members of a higher income group, rather than seeking social distance from lower classes, because the former brings them a higher utility than the latter.
There is another motive that leads individuals toward con-
Another similar study used South African household data and found that non-White households spend relatively more (be- tween 30 to 50 percent more) on visible consumption than do comparable White ones.[11] Even in this case, this implies lower spending on other consumption categories, especially on health and medical services. The reasons of these racial differences can be found in the discrimination and the mar- ginal position of non-White individuals, even in several mod- ern societies. Thus, this is a case of conspicuous consumption playing the role of compensatory consumption for non-White individuals.
Gender is another factor that may affect the level of con- spicuous consumption, in two different and dualist ways. As mentioned above, conducted experiments demonstrate that the motivation to conspicuously consume and display, in a mating context, is evident among men.[24] While conspicuous consumption may serve as a mating strategy for men, mating conditions are irrelevant for women. Hence, we should find relatively higher levels of this consumption among men. On the other hand, due to the stronger social links between wom- en, conspicuous consumption as a means of social signaling must be more present among them.[1]
Shukla suggests (based mainly on a survey conducted with customers of the BMW, Mercedes Benz and Lexus dealerships)
that middle-aged consumers, like the youth segment, are a

IJSER

spicuous consumption, different from the two social needs
mentioned above. This is the desire for conformity. Consumers
try to conform to social norms, expectations and personal de-
sires of other members of their own group.[15] Hence, indi-
viduals can engage in conspicuous consumption not only to
imitate members of higher classes, but also to conform to other
similar consumers, to stress their belonging to a certain group.

Auto signaling. There is a common characteristic in the

motives mentioned in the previous section: the purpose of
conspicuous consumption is oriented toward the society, to-
ward other individuals in the same or different classes. A re-
cent study finds out another category of reasons to engage in such a behavior, related to the consumer himself. Consuming luxurious visible products provides individuals with feelings of achievement, success and pleasure.[15] Hence, conspicuous
consumption is also a matter of self-image. This kind of con- sume can also be a means to fill social voids for members of marginal groups in the society.[20] Therefore, conspicuous consumption may be in fact a compensatory consumption. Racial differences found in the behaviors related to conspicu- ous consumption, which are explained in the next section, con- firm this idea.

4 MAIN DETERMINANTS OF CONSPICUOUS

CONSUMPTION

A 2008’s study conducted using USA representative data on consumption, show that Blacks and Hispanics spend larger shares of their total expenditure on conspicuous goods (cloth- ing, jewelry, and cars) than do comparable Whites.[6] The ob- served differences are relatively constant over time, economi- cally large and are associated with substantial diversion of resources from other uses, such as health care and education.
significant target group that needs to be studied in the area of
conspicuous consumption. Middle-aged individuals have rela-
tively higher incomes, a more stable career and a higher access
to credit and debit resources, which give them higher capaci-
ties to pay for conspicuous consumption.[23] Levels of con-
spicuous consumption should also be higher among young
and middle-aged consumers, due to the higher propensity to
engage in social and sexual signaling. Even education may
have a similar influence on the levels of conspicuous con-
sumption. Higher levels of education generally bring higher
access to financial resources and a stronger need to signal the
achieved wealth, status, prestige, etc.[2] Examples coming from the cosmetics market confirm this idea, with the demand for conspicuous cosmetics that increases with price for college educated individuals and a normal downward-sloping de-
mand curve for the ones who have not graduated. Thus, we should generally observe relatively higher levels of conspicu- ous consumption accompanying higher levels of education.
Finally, there is an interesting relationship between adver- tising and conspicuous consumption. A recent research paper formalizes the idea that advertising creates the possibility of conspicuous consumption, because it is a source of the signal- ing power of brands.[12] Advertisements inform the public of brand names and render them a signaling device. In a price competition framework, the research shows that advertising increases consumers’ willingness to pay for these products. But this can lead the firm selling to the “conspicuous consum- er” to increase its expending on advertising. The later serve as an incentive to further increase levels of consume, and so forth…

International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013 254

ISSN 2229-5518

5 CONCLUSIONS

Conspicuous consumption is generally seen by researchers as a process or means to achieve or maintain status and other social benefits, mainly through the consumption of luxury goods. It is still almost impossible to give an exhaustive defini- tion of it, maybe due to the interdisciplinary character of the phenomenon, which brings the need of multidisciplinary analysis combining viewpoints in economics, marketing, soci- ology, psychology and even biology.
Conspicuous consumption is not a recent phenomenon. It can be found even in the antique civilizations and has always been present with periods of rising and falling down, related to social, economic and political background. Nowadays, this phenomenon is no more a privilege of the upper classes, but a common behavior even among the “masses”.
Conspicuous consumption is essentially an instrument of signaling. Individuals use it to signal sexual or social relevant characteristics to others. It can also be a matter of self- fulfillment or just serve as a means to fill social voids. It is be- cause of this, that marginal groups spend relatively more on conspicuous consumption.
Higher levels of education should generally bring higher levels of such consumption, due to a higher access to financial resources and a stronger need to signal social characteristics.

REFERENCES

[1] Amaldoss, W. & Jain, S. (2005a): “Conspicuous Consumption and Sophisticated

Thinking”. Management Science 51(10): 1449-1466.

[2] Amaldoss, W. & Jain, S. (2005b) “Pricing Of Conspicuous Goods: A Competitive Analysis of Social Effects”. Journal of Marketing Research 42(1): 30–

42.

[3] Bagwell, L. S. & Bernheim, B. D. (1996): “Veblen Effects in a Theory of

Conspicuous Consumption”. The American Economic Review 86(3): 349-473.

[4] Basmann, R. L., Molina, D. J. & Slottje, D. J. (1988): “A Note on Measuring

Veblen's Theory of Conspicuous Consumption”. The Review of Economics and

Statistics 70(3): 531-535.

[5] Campbell, C. (1995): “Conspicuous Confusion? A Critique of Veblen's Theory of Conspicuous Consumption”. Sociological Theory 13(1): 37-47.

[6] Charles, K. K., Hurst, E. & Roussanov N. (2007): “Conspicuous Consumption and

Race”. URL: http://www.nber.org/papers/w13392.pdf, accessed on

05.08.2013.

[7] Chaudhuri, H. R. & Majumdar S. (2006): “Of Diamonds and Desires:

Understanding Conspicuous Consumption from a Contemporary Marketing

Perspective”. Academy of Marketing Science 2006(11): 1-18.

[8] De Fraja, G. (2008): “Sexual Selection and Conspicuous Consumption”. URL:

www.le.ac.uk/economics/gdf4/originv1.pdf, accessed on 11.07.2013.

[9] Evans, S. T. (2000): Aztec Royal Pleasure Parks: Conspicuous Consumption and Elite Status Rivalry. Studies in the History of Gardens and Designed Landscapes

20(3): 206–228.

[10] Janssens, K., Pandelaere, M., Van den Bergh, B., Millet, K., Lens, I. & Roe, K.

(2011): “Can buy me love: Mate attraction goals lead to perceptual readiness for status products”. Journal of Experimental Social Psychology 47(1): 254-258.

[11] Kaus, W. (2010): “Conspicuous Consumption and Race: Evidence from South Africa”.

URL: ftp://papers.econ.mpg.de/evo/discussionpapers/2010-03.pdf, accessed

on 05.08.2013.

[12] Krähmer, D. (2005): “Advertising and Conspicuous Consumption”. URL:

IJSER

Similarly, levels of conspicuous consumption should also be

higher among young and middle-aged consumers, due to the
higher propensity to engage in social and sexual signaling.
Women play an important role in the field of conspicuous
consumption. It seems that their “presence” is important both

for their part as direct consumers and as an incentive for the

opposite gender to conspicuously consume. There is an inter-

esting relationship between advertising and conspicuous con-
sumption. The former increases consumers’ willingness to
conspicuously consume. This can lead the firm to increase its
expending on advertising and therefore to cause a further in-
crease in the level of conspicuous consumption, and so forth…

Limitations and possible directions in upcoming research.

This research paper aims to be only the starting point of future more extended examinations in upcoming research. A ques- tionnaire will be conducted with students (at the Faculty of Economy, University of Tirana) to find out which are the main reasons and motivations laying beneath conspicuous con- sumption of luxury goods in the Albanian environment. Moreover, an econometric analysis of the level of such con- sumption in the Albanian households will be developed, using data of the Living Standards Measurement Survey (Albanian Institute of Statistics), for more than 3500 households. But, it must be mentioned that the level of conspicuous consumption is always difficult to be measured, because individuals gener- ally tend to not admit they are conspicuously consuming. Fi- nally, conspicuous consumption has important implications, in microeconomic and macroeconomic levels, which has not been studied in this paper. These implications will be ana- lyzed in upcoming research.

http://www.sfbtr15.de/dipa/72.pdf, accessed on 05.08.2013.

[13] Leach, H. (2003): Did East Polynesians Have a Concept of Luxury Foods?.

World Archaeology 34(3): 442-457.

[14] Marx, K. (1887): Capital: A Critique of Political Economy, Vol. I, Progress

Publishers, Moscow, 404-427.

[15] Moawad, M.-H. (2007): “Les Facteurs Explicatifs de la Consommation Ostentatoire –

Le Cas du Liban”. URL: http://hal.archives- ouvertes.fr/docs/00/41/39/21/PDF/these_mariehelene_moawad_sept_2007. pdf, accessed on 05.08.2013.

[16] Murra, J. V. (1962): Cloth and its functions in the Inca state. American

Anthropologist 64(4): 710-728.

[17] Page, C. (1992): A History of Conspicuous Consumption, in Rudmin, F. W. &

Richins, M. L. (eds.), Meaning , Measure, and Morality of Materialism, Association for Consumer Research, Kingston (Ontario), 82–87.

[18] Patsiaouras, G. (2010): “Rethinking Veblen’s contribution to Consumer Research: a phenomenological enquiry into the perception of ‘status consumption’ by middle-income British consumers”. URL: https://lra.le.ac.uk/handle/2381/8760, accessed on

22.06.2013.

[19] Pollet, T. & Thienpont, K. (2004): “Sexual Selection as A Mechanism for Conspicuous Consumption”. URL: http://www.students.ncl.ac.uk/t.v.pollet/ISHE2004ThomasPolletKrisThienpo nt.pdf, accessed on 11.07.2013.

[20] Purinton, E. F. (2008): “Compensatory or Conspicuous Consumption?: Bling It On!”.

URL: http://www.asbbs.org/files/2009/PDF/P/PurintonE.pdf, accessed on

05.08.2013.

[21] Ray, N. M. (2009): Household Consumption in Ancient Economies: Pompeii and The

Wider Roman World. URL: https://lra.le.ac.uk/handle/2381/8465, accessed on

22.06.2011.

[22] Scheetz, T. (2004): “A Modern Investigation of Status Consumption”. URL:

http://www.case.edu/artsci/dean/elf/presentationsreports.htm l, accessed on

02.07.2012.

[23] Shukla, P.(2008): “Conspicuous Consumption among Middle Age Consumers:

Psychological and Brand Antecedents”. Journal of Product & Brand Management

17(1): 25-36.

[24] Sundie, J. M., Kenrick, D. T., Griskevicius, V., Tybur, J. M., Vohs, K. D. & Beal, D. J. (2011): “Peacocks, Porsches, and Thorstein Veblen: Conspicuous Consumption as a Sexual Signaling System”. Journal of Personality and Social Psychology 100(4): 664-680.

[25] The World Bank (2006): Albania Living Standard Measurement Survey 2005 - Basic Information Document, Url: http://siteresources.worldbank.org/INTLSMS/Resources/3358986-

1181743055198/3877319-1190309366854/alb05bid.pdf, accessed on

02.02.2012.

International Journal of Scientific & Engineering Research, Volume 4, Issue 12, December-2013

ISSN 2229-5518

255

(26] Trigg, A. B. (2001): "Vebl en, Bourdieu and Conspicuous Consumption". Journal

of Economic Issues 35(1): 99-115.

(27] Trigger, B. G. (1990): "Monumental Architecture: A Thermodynamic

Explanation of Symbolic Behavior". World Archaeology 22(2): 119-132.

(28] Veblen, T. B. (2007, (1899]): "The Theory of the Leisure Class". New York:: Oxford

University Press Inc.

(29] Wisman,]. D. & Baker, B. (2011): Increasing Inequalig, Inadequate Demand, Status

In securit;, Ideology, and The Financial Crisis of 2008. URL:

http ://www.am e ric an.edu /cas/economics / pdf /upload /2011-l.pdf, accessed on 05.08.2011.

IJSER lb)2013

http ://www.ij se r o rq