We care about consumption because it is ‘news’ – even when it really isn’t

Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure. As wealth accumulates on his hands, his own unaided effort will not avail to sufficiently put his opulence in evidence by this method. The aid of friends and competitors is therefore brought in by resorting to the giving of valuable presents and expensive feasts and entertainments. Presents and feasts had probably another origin than that of naive ostentation, but they required their utility for this purpose very early, and they have retained that character to the present; so that their utility in this respect has now long been the substantial ground on which these usages rest.

Thorstein Veblen, The Theory of the Leisure Class: An Economic Study of Institutions, (Macmillan, 1899), 51-52.

Case in point: yesterday’s ‘news’ of a rapper/entertainer’s engagement to someone who does nothing  (below) centered around the cost and size of the engagement ring.