Which term describes the act of spending lavishly to match others' lifestyles?

The term that describes the act of spending lavishly to match others' lifestyles is conspicuous consumption. This concept, introduced by sociologist Thorstein Veblen, refers to the practice of purchasing goods and services not just for their intrinsic value or utility but primarily to demonstrate wealth and social status to others. Individuals engaged in conspicuous consumption often buy high-end luxury items, extravagant services, or indulge in luxurious experiences not solely for personal enjoyment but to project an image of affluence and align themselves with a particular social class or group.

In this context, conspicuous consumption highlights the relationship between consumption practices and social status, emphasizing how individuals may feel pressure to spend beyond their means to keep up with their peers or societal expectations. This understanding is crucial for analyzing consumer behavior and economic trends within society.