First, such consumption, supported by a whole PR industry that starts with the FT’s ‘How to spend it’ and flows on from there, this spending is designed to distort economic perception and create imbalance: this is what Thorsten Veblen taught a century or so ago, even if his work is largely ignored by economists now.
Nobody at all ignores Veblen. His insights are now central to a certain part of economics. The whole idea of conspicuous consumption is built on it. Top end iPhones, Luis Vuiton, Grey Goose vodka, absolutely everyone, from economist through businessman to stock analyst knows what’s going on here.
Hell, we even call them Veblen Goods. What is this claim to “ignoring”?