Given the importance of material goods consumption to young people and the perception that to be "cool" is fundamental to identity construction, this study investigates consumption in relation to social, economic and cultural inequalities. Qualitative individual interviews took place in November 2005, in Rio de Janeiro, with 14 high school students, age range 16-18, from public and private schools, and diverse backgrounds. In the context of global changes, Brazil is pushed towards a more advanced economic development, though basic needs of most of its population are not met. Serious contrasts continually reinforce and reproduce social and economic inequalities, through prejudice and segregation based on race, gender, residence and origin. Poor youngsters face the challenges of living in a globalised but unequal society, such as inadequate education, transition from school to labour markets, unemployment and less social participation. The data suggested that consumption is important to provide the feeling of being "cool", "fitting in" and experiencing inclusion though inequalities are an obstacle to consumption. In divided societies, to consume or dream of consuming create illusions of belonging to different classes, and escaping from poverty; however, respondents argued that education is the most important factor for improving social and economic conditions. (Contains 1 table and 6 notes.)