unless you're buying a dive computer or ruggedized/solar-powered wrist GPS, you don't need a watch. you have an infinitely more accurate and powerful device in your pocket that fulfills the same function of telling time x 1000000 other applications
time-telling watches are now 100% a status symbol, heirloom, and/or enthusiast good
brand is and will become that much more important as the old school "quality" collectors and wearers die out and are replaced by brand/social signaling watch consumers
same to a lesser extent with clothing - you're sitting in an air conditioned office or car or your home for most of the day, but it's a powerful expression of who you are and what you can afford when you wear your new balenciaga sneakers out to drinks on friday night and pull out your $5 branded bic lighter.
mediocre quality is good enough because our environment is so tame, brand is everything