The newest version of the iPhone just came out, and it seems like all of your friends are getting it. The latest console has just been unveiled, and your buddies were some of the first to buy it. Does this sound familiar?
These days, it seems like more and more people are participating in “conspicuous consumption.” Back in the ‘50s, this was referred to as “keeping up with the Joneses.” The Joneses were a well-to-do family that always had the latest appliances and vehicles, and they forced everyone on the block to catch up to their level.