From what I've seen of current "literary" fiction, it is very very upper middle class or upper class, and pretty white although you do get extra points for being an upper class person of some other ethnic group.

Like a lot of human categorization and labeling - it's not real at all. It's just a way for people who are into status and hierachy to note their status in their imaginary hierachy.

Like the time I googled myself and found someone saying that Valley was their favorite Sims story and asking what Sims stories other people read, and two snobs in training replied all "Ugh, we only read real books here."