This is a completely busted system of values though... Almost everything you mention is the luxury version of things that all have functionally very similar alternatives at a much lower cost. The main value is signaling and maybe satisfying some mimetic desire. As signaling, it's a zero sum game, and is mostly just consuming all excess resources.
The question is why do people feel that this is the best use of their resources? Do they not have any purpose for their lives beyond consumption? Why are people being judged largely based on the consumer products they can afford instead of whether they're a kind person or whether they have a a lot of friends or whether they're proud of their children or any number of other positive things they could be doing?