Owing designer handbags or driving fancy cars used to be the gauge for wealth, and for a time, people aimed to acquire these to show off their status symbol. But today, economists are saying that displaying these things can be seen as crass. They also noted that "modern social climbers" are into buying second-hand clothes, drinking from reusable coffee cups and discreetly donating to unknown and obscure charities.
"The modern social climber is more likely to try and show off their 'authenticity' by having the correct opinions on music and politics and making sure their coffee is sourced ethically," said Ben Southwood of the Adam Smith Institute in London, according to the Daily Mail.
"More or less everyone can afford goods that were a show of status in the 1960s and so the competition has gone and we've had to move onto something else," he added. "It is much harder to learn which products are Fairtrade or which kind of cashmere you should buy, which makes it a much more fertile race to run in."
Economists agree that high social status is no longer about ostentatiously displaying wealth. Some nouveau rich also try to show off by acquiring prestige university degrees they're likely not going to apply at work, if they are even working. Its implications also say something about government tax laws. "Far from taxing the pleasures of the privileged, in many cases our current system actually subsidies them," Adam Smith Institute executive director Sam Bowman said.
Meanwhile, going off the grid and living without phones or Wi-Fi access once in a while can also be seen as the new status symbol. It implies that even if you're a busy person who's highly in demand, you can afford to shutdown, unplug and hibernate, according to The Guardian. Silence is the new class, and only a few have the will power to stick with such a lifestyle, especially in a world where being on social media is the norm.
Also read: Hermes Birkin Bags: Owning Luxury Bags Better Than Stock Or Gold Investments, Says Study (PHOTO)
