or economic psychology, studies the "human" side of economic decisions"
a measure that reflects how optimistic or pessimistic are about future health of the economy and influences their decisions. Such as world events
the overall rank of people in a society
the tendency to marry people in a similar social class to ours. "assoratative mating"
the creation of artificial divisions.
a structure whereby some members are better off than others
the passage of individuals from one social class to another.
Young, lower-class men and women who mix flashy brands and accessories from big names such as Burberry with track suits.
Brazil, Russia, India, China
the hundreds of millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford high-quality products- except for big-ticket items like college educations, housing, or luxury cars
term coined by social critics to describe the failure of material goods to bring happiness to people who have the financial means to afford them
A group of consumers who share aesthetic and intellectual preferences.
focus on the content of objects, not on relationships among objects
more complex and depend on a more sophisticated worldview
a status-marking force that causes consumption preferences to cluster together
set of distinctive and socially rare tastes and practices - knowledge of "refined" behavior that admits a person into the realm of the upper class
we use the products we buy to inspire envy in others through our display of wealth and power (Veblen)
refers to people's desires to provide prominent visible evidence of their ability to afford luxury goods.
to deliberately avoid status symbols to seek status by mocking it ( ripped jeans)
The extent of which different indicators of a person's status (income, ethnicity, occupation) are consistent with one another.