The More This Rolex Costs, the More You Want It. Here's Why
wired.com
wired.com
Who's buying these things?
People who think that these things say something impressive about the people who show them off? Which implies that they themselves are impressed by flash.
I do think there's a cultural aspect in play, but I haven't nailed it down. I've seen this a lot in business -- people who are trying to wine and dine me by showing up in an absurdly expensive car, wearing expensive clothes and jewelry, taking me to expensive restaurants, etc.
It always leaves a bad taste in my mouth (if they so easily blow that kind of money on things that don't actually matter, I suspect that they spend too much money on other things that don't matter in the business as well). You want to impress me? Dress like a normal person, pick me up in a budget car and take me to coffee.
But I've noticed that this is more likely to happen with people from the eastern US (and SV) than from the west.