prodigality

Etymology

prodigal + -ity, from Old French prodigalite, from Late Latin prodigalitas

noun

1. Wasteful extravagance.
   Mother[…]considered that the exclusiveness of Peter's circle was due not to its distinction, but to the fact that it was an inner Babylon of prodigality and whoredom, from which every Kensingtonian held aloof, except on the conventional tip-and-run excursions in pursuit of shopping, tea and theatres. 1922, Ben Travers, chapter 2, in A Cuckoo in the Nest
2. Lavish generosity.