I think the 'need to impress people' is often used as an excuse to splurge. Maybe it's more expected for salesmen like financial advisors, or small business attorneys that are dealing with retail clients.

I'm a fairly senior investment banker (Managing Director, group head), and I drive a 14 year old Honda. None of my co-workers or clients have ever seen my car or been to my house. I don't wear a watch.

Some of my co-workers will wear bespoke clothes and flashy jewelry, but it's not required, and mid-tier conservative suits and shoes are fine.