What are conspicuous necessities and how it is different from conspicuous good?
In the modern society, certain goods like TV, mobile phone, fridge, have become a part of life, despite the fact that they are expensive. These goods are termed as conspicuous necessities. The goods which are status symbol goods such as diamonds, luxury cars, expensive furniture, etc are conspicuous goods. Conspicuous necessities are different from conspicious goods. Conspicuous necessities, in addition to having a demonstration effect, also serve a utility, e.g. ACs help us to keep our cool in scorching summers, but conspicuous goods only have a demonstration effect. They do not have any utility.