After all, there’s no point in sporting your $100,000 Birkin bag if the woman sitting next to you on the subway is carrying a pretty good knockoff for about $100. In just a few short decades, there has been a cultural shift away from conspicuous consumption, towards something called “minimalist luxury.” Counterfeit goods have become so sophisticated that the real thing has lost some of its luster for the wealthy. Conspicuous consumption was aspirational, and the rich were glorified. Shows like “Dynasty,” “Dallas,” and “Lifestyles of the Rich and Famous” sparked dreams about sipping Champagne, partying on a yacht, wearing a silk Versace dress, Gucci shoes, and carrying a Louis Vuitton handbag. Big hair, big shoulder pads, and big jewelry were the height of fashion. The 1980s is often remembered as the decade of excess. Wharton’s Pinar Yildirim and John Zhang talk about their research on the rise of ‘minimalist luxury.’
#Conspicuous consumption getting more onstage how to
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