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The term "conspicuous consumer" is correct and usable in written English.
You can use it to refer to someone who buys expensive and ostentatious items as a way to show off their status or wealth. For example, "The conspicuous consumer drove a luxury car and wore expensive jewelry."
Dictionary
conspicuous consumer
noun
One who engages in conspicuous consumption.
Exact(11)
(John Edwards, ever the conspicuous consumer, has one of each).
It's a fair bet, though, that you don't think of yourself as a conspicuous consumer.
But the book is a good gallop from Churchill to the prime-minister-to-be, Gordon Brown—surely, no conspicuous consumer he?
For the conspicuous consumer, there is the athletic performer: speed, accuracy, volume and all the musical equivalents of tail fins and whitewall tires.
But 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.
THE NEW MOUNA AYOUB Kimora Lee Simmons, the wife of the rap mogul Russell Simmons, is enjoying her moment as the culture's preeminent conspicuous consumer with a well-documented closet.
Similar(47)
Russia is producing today's most determinedly conspicuous consumers.
Many of the Russians seem determined to make names for themselves as conspicuous consumers.
At Davos, which is filled with conspicuous consumers, the only people who ski are the journalists".
A black middle and upper class soon appeared, with the more conspicuous consumers earning the nickname Black Diamonds.
I have a suggestion for all the reformed conspicuous consumers: get certified, ease the teacher shortage and assuage your guilt.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com