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About this paper
Yuanmo He, Milena Tsvetkova
Analyzing large-scale mobile tracking data, researchers demonstrate a consistent association between higher socioeconomic status and greater consumption diversity across brands and price levels in the US. The study's models predict the median household income of Census Block Groups with an out-of-sample correlation of 0.748 based on consumption patterns.
Key insights
- When economic constraints are minimal, consumption primarily serves as a means of social and cultural distinction, leading high-SES individuals to diversify their consumption.
- The 'diversity hypothesis' unifies previously disparate theories of consumption (e.g., conspicuous, omnivorous, niche) by asserting that high SES is linked to overall diverse consumption patterns.
- Consumption patterns are a strong indicator of socioeconomic status, reflecting not just economic capacity but also cultural and social dimensions of inequality.
Summary by alphaXiv.
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