What has this to do with LVMH? That’s easy to explain. Those at war need a uniform. High-end fashion and consumption provides that uniform of privilege that those engaging in this class war are determined to maintain.
Norwegian economist Thorstein Veblen coined the term ‘conspicuous consumption’ to explain such behaviour more than a century ago. He was right to do so. Of course, the products sold are not worth what is paid for them. That is why LVMH is so profitable. It is the uniform that is being bought and the signalling that it provides as to which side you are on that matters.
The actual signalling is from those who would like other to think they are rich. LVHM isn’t bought by billionaires. It’s bought by those who would like folk to think they’re billionaires.
So what was the signal behind the apple tech that he recently dropped £kkk on? His writes bucketloads of crap that could be done on a refurbished Chromebook out of the skip. He can make phone calls and use whatsapp and grindr on a £50 burner.
Or was he trying to signal that he’s a successful professor rather than a potato?
the products sold are not worth what is paid for them.
Disproven every day of the bloody week. To the buyer, of course they’re worth what they paid. Or they wouldn’t have bought them, FFS!
They may not appeal to retired accountants from Ely. Who can only dream of entering the portals of Pull & Bear. But it’s not their opinion being sought.
It is a funny world though. What my lady friends aspire to for birthday presents is plastic handbags prominently logoed ‘Michael Kors’. What they actually get is Paris couture house leather, with very discrete script. Which is cheaper. And last about 10 times as long.
Norwegian economist Thorstein Veblen coined the term ‘conspicuous consumption’ to explain such behaviour more than a century ago.
Murphy can use Google
He was right to do so. Of course, the products sold are not worth what is paid for them. That is why LVMH is so profitable. It is the uniform that is being bought and the signalling that it provides as to which side you are on that matters.
Another paean to the Free Market. In addition to his many hats is he now grifting for a role as a reviewer of high end fashion and hotels?
And who are those committed to luxury opposed to? All those who work for a living, and most especially those who work for the state.
I’d imagine some of the most conspicuous consumers of such goods work for the state or has he forgotten about the MPs expenses scandal? – one that would be dwarfed if they ever analyzed local government and European Parliament expenses
That those same working people happen to be the foundation of the wealth of the wealthy is something that has probably never occurred to them.
We’d be nothing without drag queen story time or five a day co-ordinators I tell ya… Never in the field of human endeavour was so much owed by so many to so few
No doubt they think themselves ‘self-made’, as one caller to yesterday’s programme did. But they are not.
I thought yesterday he was all about asking questions? It’s Thursday of course so blind, unsubstantiated and ridiculous assertions are the order of the day.
And it is for the good of society as a whole, the wealthy included, that wealth has to lose the class war those with wealth are waging.
I have a disturbing image of a quite unsettling movie from the 80s when he talks about ‘Society’ – for those that haven’t seen it,
https://en.wikipedia.org/wiki/Society_(film)
Maybe he fancies himself in the role of the ostensible hero..
Remarkably good point V-P. We gather Parliamentary work cannot be conducted with less than iPad or iPhone. Android or MS literally does not compute.
Strange that he thinks that a chap born in Wisconsin and who lived his entire life in the USA was Norwegian. But then the whole blog post is worthless crap. Why bother reading any further if a single easily checked fact right up top is wrong?
“economist Thorstein Veblen coined the term ‘conspicuous consumption’”
Maybe his English wasn’t very good. The word “ostentation” already existed: four syllables rather than seven. And it has the advantage of having an adjectival form.
“Of course, the products sold are not worth what is paid for them.”
To whom?
“It is the uniform that is being bought and the signalling that it provides as to which side you are on that matters.”
So they are worth what’s paid for them. Or is this some new definition of the word “matters” of which we haven’t previously been aware?
BiS
Cheers – it’s also worth observing that those that work ‘for the state’ in much of the world are some of the most conspicuous consumers of products such as those peddled by LVMH. From recollection, the ‘Dear Leader’ was the world’s largest purchaser (individually) of Hennessy Cognac – and that’s a country where everyone works for the state…
We keep getting certain members of our parish council insisting that councillors should be provided with iPads. I keep saying: no, any old tablet will do, and count me out, I’ll continue to use a proper computer with a proper keyboard and a proper monitor, thank you very much, and for those times when I need to access information on the move, I have a throw-away laptop, literally pulled out of a bin, and easily worth risking being driven over by a tractor.
BIS,
“It is a funny world though. What my lady friends aspire to for birthday presents is plastic handbags prominently logoed ‘Michael Kors’. What they actually get is Paris couture house leather, with very discrete script. Which is cheaper. And last about 10 times as long.”
I avoid highly marketed, luxury products, because cars, watches, booze is all made with lots of robotics, so whether you buy a cheap or expensive name car, it’s all well made. The only thing that’s better about a Mercedes than a Toyota is the upholstery.
Judging by all the BMWs I’ve ever been a passenger in, the Toyota would be far better made. And the indicators work!
jgh,
iPads are a great combination of the bad UI of a phone combined with the bad portability of a laptop. Want to do some work at home or on a train? A laptop would be better. Want to go on a day trip to Alton Towers? A phone would be better.
And like phones, they are disposable. Something goes wrong? throw it in the bin. Apple stops updating your OS? throw it in the bin.
@BoM4
I always presumed the main point of a tablet was it takes a SIM providing internet without having to rely on WIFI. That’s what I use mine for. Using a fone screen for anything serious is a joke.
We clearly need the return of the sumptuary laws and the creation of a National Clothing Service to end this scourge of inequality. Of course, retired accountants would be the most qualified people to dictate what everybody should be wearing.
Such goods are worth the money paid for them when those buying them consider the price part of the utility.
@BiS:
Nowadays phones can export the Internet link via Wi-Fi tethering, allowing tablets and notebooks to connect without a SIM. At least some mobile providers are OK with this. Can’t tell you how well it works; though I’ve been set up to do this for a long time I’ve only used it once or twice.
VPNs on the other hand I’ve used a whole lot, and WireGuard in particular works really well to bypass the mobile provider’s idea of what the Internet should look like – blocked sites, compressed images and whatnot.
Works fine Mr Teacake. But depends where you live. Unfortunately, few of the telcom SP’s here like you doing it. And it’s far cheaper for me paying <1€/Gb for PAYG than signing up with the SP's that do. Cheap tablet pays for itself in months. Plus it's another ever useful SIM number.
But are toy trains worth what the (adult) purchasers thereof pay for them? Enquiring minds want to know…….
A good is, by definition, worth the price paid for it by the person paying. How that value is created is down to the individual paying. It’s the same on buying Heinz Baked Beans at £1 a tin vs Waitrose own at 50p a tin. (Heinz beans are mushy overcooked and incredibly sweet compared to Waitrose ones so they are not identical)
As an iPad Pro user I take exception to the idea they have no value. Much faster to start than a laptop (with all the bitlocker encryption that goes with a work laptop), much easier to resume, much better for writing notes on a PDF or in the Diligent software we use for Board and exec chaired meetings, connects to cell phone network for data, can do actual proper work on it unlike a phone. I can ‘command-tab’ to other apps and do some personal admin quickly instead of needing to switch devices. I don’t get a work issued one but given the amount I’m paid I think dropping £1000+ on a tablet, which has lasted four years and counting, is hardly a huge expense.
It’s not signalling status either.