The place one occupies in the social structure is not just an important determinant of
how muchmoney is spent. It also influences howit is spent. David was surprised that the
Caldwells, who clearly had a lot of money, did not seem to flaunt it. This understated
way of living is a hallmark of so-called ‘old money’. People who have had it for a long
time don’t need to prove they’ve got it. In contrast, consumers who are relative newcomers to affluence might allocate the same amount of money very differently