People buy rolex to imitate "successful" people. Very few buy rolex because it's useful to them or they are into clock engineering. Rolex doesn't output ads that explain how the clock works; instead they pay celebrities to show up with their watches ostensibly.

Look around you at society. People buy brand cloth like $300 white tshirt because of the brand logo on it. I think it's pretty established how humans behave on that regard. Now if you're not convinced (it seems), i suggest you google some sociology studies and look into something more scientific than my example. Feel free to share if my observations are proven untrue.