The Economist has a very nice article on changing trends in consumption of luxury goods and how consumers are changing their consumption habits wrt luxury brands. Also, it talks about the "new wealthy" and their motivation towards buying luxury brands.
Here are some excerpts:
Being a millionaire, for instance, is becoming commonplace. In 2004 there were 8.3m households worldwide with assets of at least $1m, 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.
...Ledbury Research identifies two other motives that are driving buying by the rich: connoisseurship and being an “early adopter”. Both are arguably consumption that is conspicuous only to those you really want to impress. Connoisseurs are people whom their friends respect for their deep knowledge of, say, fine wine or handmade Swiss watches. Early adopters are those who are first with a new technology. Silicon Valley millionaires currently impress their friends by buying an amphibian vehicle to avoid the commuter traffic on the Bay Bridge. Several millionaires have already paid $50,000 a go to clone their pet cat.
But perhaps the true symbol of exalted status in the era of mass luxury is conspicuous non-consumption. It is showing that you have more money than you know how to spend. So, for example, philanthropy is increasingly fashionable, and multi-billion-dollar endowments such as the Bill and Melinda Gates Foundation are certainly conspicuous. However, since the new philanthropists are keen to demonstrate that their giving produces results, this does not quite meet Veblen's threshold of being a complete waste of money.