The movie stars an actress named June Collyer as young newlywed Alice. She's a little spoiled, and she's used to living a pretty nice life with the luxuries she's come to expect. Her new husband loves her, but he simply can't afford that type of lifestyle. She makes the acquaintance of a man who is well-known among her circle of friends for providing women with expensive jewelry and fur coats, and in payment for the goods, the women provide him with 'certain benefits' that were usually reserved for married people (wink, wink, elbow nudge).
That's pretty much the whole story, and the entire plot of women, especially married women, whoring themselves for sable coats is pretty scandalous. That alone is enough to relegate this movie to the pre-code set, because after the Hays code began to be enforced in earnest, I don't think this would have flown.
There are a couple other shots which allude to pre-code allowances, like the morning after the wedding the husband's and wife's slippers are shown side by side on the floor near the bed, and they can be heard making pillow talk about "rolling over and taking another little snooze" but it's more cute and coy than other honeymoon references I've seen in pre-code films.
I didn't really know any of the actors in this film. June Collyer only acted in films through the 20's and early 30's, and the TV appearances she made later in her life were on shows I'm not familiar with. It's too bad, because she was great in this movie, and her looks resemble Norma Shearer, but maybe a little softer in the face.
Extravagance is basically a cautionary tale to young women: you should value your virtues, and the love of a good man more than material goods. Not the worst lesson to preach, and certainly not the worst film. It's only an hour long, so it's worth the watch.