Answer:
Yes, I think what someone considers to be a ‘need’ vs. a ‘want’ changes depending on their income level. A ‘want’ is something that you can comfortably live without and is not essential for survival. A ‘need’ is something necessary to survive such as housing, food, and utilities. If a person has a low-income level, they might not purchase things they want, or purchase them once in a while. If a person has a high income, they might fit their wants into their budget as a normal expense. A person with a low-income level would be more mindful of their budget to save as much money as possible. A person with a high income might not worry about it. So, what someone considers to be a ‘need’ vs. a ‘want’ changes depending on their income level.