That seems like a strange way to look at it. If we grant that part of the appeal of a Rolex is that it is out of reach of most people, $1700, adjusted for inflation, was out of reach 50 years ago. Today, a luxury good of that price is well within reach for a middle-to-upper-middle class person who cares to save for a little while. If Rolex raised their price that much to keep it too expensive for the middle class, that seems to imply a greatly increased standard of living for everyone.