When economist Thorstein Veblen coined the term “conspicuous consumption” in 1899, he was describing a new kind of social display: one where people bought goods not out of need but as “trophies of success.” More than century later, Veblen’s theory hasn’t disappeared. But younger shoppers are increasingly cutting back on small daily indulgences while redirecting those savings toward statement pieces.

“We’re attracting younger consumers at a faster pace,” CEO Joanne Crevoiserat told CNBC. “The Gen Z consumer is highly fashion-engaged, spending slightly more of their budget on fashion.” This new spending pattern resembles what Veblen once called “vicarious leisure,” displaying discernment rather than wealth. A $400 Coach tote bought instead of a week of takeout lunches becomes both reward and reassurance: proof of self-control and style all at once.