Editing Conspicuous consumption (section)

=== Luxury fashion ===
Materialistic consumers are likely to engage in conspicuous luxury consumption.<ref name=":2">{{Cite journal|last1=Charoennan|first1=Wanwisa|last2=Huang|first2=Kai-Ping|date=2018|title=THE ANTECEDENTS AND CONSEQUENCES OF CONSPICUOUS CONSUMPTION OF LUXURY FASHION GOODS IN A SOCIAL MEDIA PLATFORM|journal=International Journal of Organizational Innovation|volume=11|pages=1–21}}</ref> The global yearly revenue of the luxury fashion industry was €1.64 trillion in 2019.<ref>{{Citation|last=Cabigiosu|first=Anna|title=Digitalization in the Luxury Fashion Industry |chapter=An Overview of the Luxury Fashion Industry |date=2020|url= |series=Palgrave Advances in Luxury|pages=9–31|place=Cham|publisher=Springer International Publishing|language=en|doi=10.1007/978-3-030-48810-9_2|isbn=978-3-030-48809-3|pmc=7355146}}</ref> Buying of conspicuous goods is likely to be influenced by the spending habits of others. This view of luxury conspicuous consumption is being incorporated into social media platforms which is impacting [[consumer behaviour]].<ref name=":2" /> During periods of economic downturn, consumers tend to turn away from "logomania" products and instead purchase luxury goods that signal affluence more subtly.<ref>{{Cite news |last=McLauchlan |first=Paul |date=April 25, 2023 |title=Economic Uncertainty Is Driving Demand for 'Quiet Luxury' — But Will it Last? |language=en |work=Fashionista |url=https://fashionista.com/2023/04/wearable-fashion-quiet-luxury-fall-2023-fashion-week-trend |access-date=2023-11-09}}</ref>