Inconspicuous Consumption Products and services that were once the preserve of a very wealthy few—from designer handbags to fast cars, bespoke tailoring and domestic servants—are increasingly becoming accessible, if not to everyone, then certainly to millions of people around the world. This may appall killjoy economists, but it is arguably even more upsetting to those super-rich folk who have long been able to afford luxury, and may in one crucial respect even regard it as a necessity. As Thorstein Veblen noted over a century ago in 'The Theory of the Leisure Class'—the book in which he coined the phrase 'conspicuous consumption'—spending lavishly on expensive but essentially wasteful goods and services is 'evidence of wealth'. In the 21st century, 'being a conspicuous consumer is getting harder and harder', says James Lawson of Ledbury Research, a firm that advises luxury businesses on market trends. What does a billionaire have to do to get noticed nowadays? Being a millionaire, for instance, is becoming commonplace. In 2004 there were 8.3 million households worldwide with assets of at least $1 million, up by 7% on a year earlier, according to the latest annual survey by Merrill Lynch and Capgemini. The newly wealthy are often desperate to affirm their status by conspicuously consuming the favoured brands of the already rich. In developed countries this can be seen, in its extreme form, in the rise of 'Bling'—jewellery, diamonds and other luxuries sported initially by rappets. The number of luxury buyers in the developed world is also being swelled by two other trends. First, consumers are increasingly adopting a 'trading up, trading down' shopping strategy. Many traditional mid-market shoppers are abandoning middle-of-the-range products for a mix of lots of extremely cheap goods and a few genuine luxuries that they would once have thought out of their price league. Alongside this 'selective extravagance' is the growth of 'fractional ownership': time-shares in luxury goods and services formerly available only to those paying full price. Fractional ownership first got noticed when firms such as Net Jets started selling access to private jets. It has since spread to luxury resorts, fast cars and much more. In America, From Bags to Riches—'better bags, better value'—lets less-well-off people rent designer handbags. In Britain, Damon Hill, a former racing driver, has launched P1 International. A L2,500 ($4,300) joining fee, plus annual membership of ￡13,750, buys around 50-70 driving days a year in cars ranging from a Range Rover Sport to a Bentley or a Ferrari. As a result, 'the price of entry for much of what traditionally was available to the top 0.001% is now far lower', says Mr Lawson, who notes the sorry implications for a would-be conspicuous consumer: 'How do I know if the guy who drives past me in a Ferrari owns it or is just renting it for the weekend?' Demand for luxury is also soaring from emerging economies such as Russia, India, Brazil and China. Antoine Colonna, an analyst at Merrill Lynch, estimates that last year Chinese consumers already accounted for 11% of the worldwide revenues of luxury-goods firms, with most of their buying done outside mainland China. He forecasts that by 2014, they will have overtaken both American and Japanese consumers, becoming the world's leading luxury shoppers, yielding 24% of global revenues. These emerging consumers have a big appetite for the top luxury brands—and the owners of those brands are increasingly keen to oblige. Russia is producing today's most determinedly conspicuous consumers. Roman Abramovich, the best-known oligarch not in jail, has conspicuously set new standards in buying mansions, ski resorts and soccer teams. For the already rich, strategies such as splashing out on ever bigger houses, longer yachts or getting special treatment from luxury-goods firms does not contribute much marginal conspicuousness. Meanwhile, the list of new