IPA: /ɪkˈstrævəɡəns/
KK: /ɪkˈstrævəɡəns/
The act of spending too much money or using resources in a way that is more than necessary, often in a showy or excessive manner.
The party was filled with extravagance, featuring lavish decorations and gourmet food.
Extravagance is formed from "extra-" (meaning beyond) and "vagari" (meaning to wander). The word describes a state of spending or behavior that goes beyond what is reasonable or necessary, often implying wastefulness or excess.
Think of going 'beyond' ('extra-') what is necessary and 'wandering' ('vagari') into excessive spending or behavior — that's what extravagance means.