In the present research, we propose a new perspective on multifaceted pride based on merits of achievements. We define merited pride as the feeling of accomplishment resulting from achievements one believes primarily resulted from internal factors, and unmerited pride as a similar feeling resulting from achievements one believes primarily resulted from external factors. We examine how these newly proposed facets of pride differentially affect conspicuous consumption. We propose, and three studies confirm, that individuals with unmerited (vs. merited) pride show a higher propensity for conspicuous consumption. Furthermore, we identify the need for signaling status as a psychological mechanism underlying the effect of pride on conspicuous consumption. Finally, we find that the proposed effect is more pronounced when the achievements are framed as nonfailure rather than as success. The current research contributes to the literature by supporting our new perspective on multifaceted pride and demonstrating the link between the newly proposed facets of pride and conspicuous consumption. Our findings have practical implications with regard to the design of advertising messages for luxury products and consumer education programs for people who are addicted to conspicuous consumption.