I recently discovered this movie and I've been fixated on this scene. I had to watch it three time to understand it. The first time I watched it, I couldn't grasp what Elio had meant by things that matter. The more I watched, the clearer it became that Elio is coming out to Oliver. This is such an important scene not only because of this outing, but it's the point in the film where Oliver starts to become true to himself. Oliver buys a pack of cigarettes, shares one, and drags another. He seeks confirmation from Elio about his habit (Not bad, huh? which he hadn't shared before. It also becomes evident that this dialogue is told in Elio's perspective. He reveres Oliver for his good looks, his undeniable intelligence, and his arrogante self-assurance. There are two mements by the memorial where Oliver stands with halos over his head- once in front of the corbel arch then again in front of the white awning. (These halo shots actually happen throughout the movie.) It's a masterful scene. I mean, the entire movie is.