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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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Examples
The disaster occurred at a time of year when we have just wallowed in a shameful orgy of over-indulgence and conspicuous consumption.
In Thailand, a cappuccino costs the equivalent of three bowls of noodles, enhancing its potential for conspicuous consumption.
Typically these outlanders are lampooned for their conspicuous consumption and lack of community commitment.
Society observers and media sources agree that conspicuous consumption has exploded in the past decade.
Complaining about this kind of ostentation, and this evidence of conspicuous consumption, of course makes one sound like Scrooge.
It is all conspicuous consumption of premium champagne, BMWs and surface flash.

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