subscribe
back issues
reprints
contact us
Wealth in Perspective
Submit
Wealth Management
Thought Leaders
Money and Meaning
Passion Investments
Wealth Management Sourcebook
Multifamily Office 2008
Previous Issues Index
/ Home / Editorial / Thought Leaders / Culture /
Feature
Class Actions
Judy Martel
03/01/2008

In the UK, social station is defined by tradition, law and, in many cases, the willingness of one’s ancestors to suck up to the king. The American system is less complex: Wealth determines class. End of story. Those with enough money to buy whatever they want are considered upper class. Those who are comfortable but must still save or borrow for major purchases are middle class.

There are microclimates within the greater social-class environment—the nouveau riche who eat with their fingers and gaudily flaunt their wealth; the shabby genteel who have impeccable table manners but can no longer afford prime rib. Yet for the most part the American class system pays little mind to the details of personal circumstance. Either you’re wealthy or you’re not. And traditionally, determining who was or was not upper class was easily accomplished by observing their purchases. Very few people drove Bentleys, because only a select few could afford them.

However, in an age of easy credit and Machiavellian marketing, ostentation no longer serves as an accurate barometer of wealth or class. James Twitchell, the author of Living It Up: Our Love Affair with Luxury and a professor of English and advertising at the University of Florida, says we are experiencing the erosion of traditional class boundaries—however superficial they may be—due primarily to the efforts of clever marketers and middle-class shoppers hungry for luxury goods. The power of consumption has defaced many of the old conventions and, Twitchell maintains, consumers now have the ability to move from class to class with relative ease based upon the amount of their wealth. "This free-for-all is moving around the world, breaking conventions," he says.

Indeed, the extremely wealthy are barely staying ahead of this new vanity class, which seeks to own the small trappings of luxury that would give it the appearance of greater affluence—$700 shoes or even a $10,000 watch, for example. "What do the überwealthy have that the rest of us don’t have in small amounts? Very little," Twitchell notes. "Nobody knows if someone owns or leases a Lexus. The middle class can grab a hold of bits and pieces. If they can’t buy it by the pound, they can buy by the ounce."

Narratives of Luxury
Americans find it difficult to discuss class, because the very idea of it runs counter to our democratic ideals. Yet class has always been an integral part of the American social fabric. In the absence of a codified system of privilege, we have relied upon material success to determine where we stand in the social pecking order.

The American system is further defined by what Twitchell calls "the narrative of luxury"—how the upper classes use luxury goods as markers of wealth. Certain styles, tastes and products become synonymous with affluence. "For example," he says, "we are deeply in a story now that started in the 18th century, that French taste is somehow superior. The rest of the world pays attention to this one chunk of the Western world. China and Japan are paying particular attention right now."

Twitchell notes that this narrative is beginning to crumble as some items, like the Chanel handbag, have become available in retail stores everywhere. "Products generate value by being out of reach," he says. Part of the allure of luxury comes from the notion of "I’ve got it and you don’t," which means expensive and elusive items become highly sought-after. "Luxury goods bring us together and separate us," Twitchell explains. "We’re always torn between two axis points, keeping up with the Joneses and moving away and up to another set."
1 | 2 | 3 | >>
Printer Friendly Version  Email a Friend
 
Get a FREE ISSUE and a FREE GIFT

Simply fill out this form to receive a complimentary issue of Worth and a FREE gift ("The top 25 Questions for Your Private Banker"). If you like the magazine, you’ll pay just $36 for 5 more issues (6 in all). If it’s not for you, you can return your invoice marked "cancel", and owe nothing. The FREE issue and FREE gift are yours to keep.
Name
Address
Canadian orders click here
International orders click here

Unsubscribe from subscription emails click here