Peasants often attempt to acquire things like Louis Vuitton purses, lower end version BMW or Jaguar automobiles, large but poor quality solitaire diamonds for rings, new version cell phones, trendy sunglasses, and bottle service tables at nightclubs.
Such individuals typically lack the education or worldly exposure to realize that they actually look like low class impostors to anyone wealthy enough to comfortably afford such high end consumer items.
It is now used as an insult as well. The suggestion being the person or thing being insulted is simple minded, rustic, crude or of a low status then person who is using the insult.
It is mainly used in Australia.
'Peasants lived mainly on a diet of soup and bread with little meat.'
Peasants were/are typically small farmers, tenant farmers, sharecroppers, farmhands, and laborers and invariably rural, living in villages and tending land which is practically theirs but officially belongs to the wealthy.
Usually an insult for dirty, uncouth, unsophisticated people of low status.
Peasants stereotypically have virtually no education, nonexistent hygiene, are conservative, and have almost no rights, despite that their work requires careful planning and that they are not averse to protests.