Newspaper reporters often talk about trickle-down consumption and trickle-down income. This paper examines whether consumption trickles down, whether income trickles down, and whether consumption trickles down due to conspicuous consumption or trickle-down income. This paper finds that there exists a trickle-down consumption channel as well as a trickle-down income channel, but the trickle-down income channel is shown to be more important than conspicuous consumption in causing trickle-down consumption in Korea.