When economist Thorstein Veblen coined the term “conspicuous consumption” in 1899, he was describing a new kind of social display: one where people bought goods not out of need but as “trophies of success.” To Veblen, the emerging “leisure class” proved its superiority not by labor or contribution but by its seeming exemption from work and its power to waste. The middle class, desperate to prove this distinction too, would spend an outsized portion of their income on glimmering dresses and other purchases meant to be seen by others.
More than century later, Veblen’s theory hasn’t disappeared. But younger shoppers are increasingly cutting back on small daily indulgences while redirecting those savings toward statement pieces. Chipotle and Cava both reported weaker sales this fall, blaming a slowdown among younger diners who are packing lunches instead. Yet Tapestry—the parent company of Coach—said Gen Z now accounts for roughly 35% of its new customers, helping the brand beat Wall Street expectations and raise its full-year forecast.
