[coldtea]

>I don't see why "poor urban blacks" buying $200 sneakers is a "desperate wealth-singalling purchase". Maybe they just like them.

According to economists Banerjee & Duflo: “The poor are skeptical about their supposed opportunities, and the possibility of any radical change in their lives…Therefore, they focus on the here and now, on living their lives as pleasantly as possible, and on celebrating when the occasion demands it.”

>I don't see how its any different that the 10-20% buying the "best phone" when it provides no greater utility than a cheaper model.*

The difference is that for the 10% that is an insignificant amount, and they still can cover their more basic needs with aplenty left anyway.