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What is conspicuous consumption?

What is conspicuous consumption? Here are some definitions.

Noun
  1. A public display of acquisition of possessions with the intention of gaining social prestige; excessive consumerism in order to flaunt one's purchasing power.
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Typically these outlanders are lampooned for their conspicuous consumption and lack of community commitment.
Equating conspicuous consumption with hospitality, Beverly pours endless drinks down everyone's throats.
It is all conspicuous consumption of premium champagne, BMWs and surface flash.
The disaster occurred at a time of year when we have just wallowed in a shameful orgy of over-indulgence and conspicuous consumption.
If this conspicuous consumption made people more contented, I would be less inclined to question it.
In Thailand, a cappuccino costs the equivalent of three bowls of noodles, enhancing its potential for conspicuous consumption.

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