I think there is slightly more to things like this (and Ferraris and Rolexes and so on). People often think of these as _investments_, not merely a way to show off, because they have very skilfully been marketed that way.
Most people can afford a used car or a handbag from a vaguely popular brand, but they're still a status symbol. The status it symbolises isn't particularly high, but it's still status.
There are sufficient people who value items that give them (real or imagined) prestige with other people (especially those of a similar mindset) to sustain these industries.
Irrational luxury goods, particularly expensive shiny objects are a great way to signal a person who's money exceeds their pursuits past simple consumption and hording.
So true. The same is valid for many other (almost ridiculous) expensive items: watches, bags, shoes, cars, wines, perfumes… There are many rich people out there that need to differentiate themselves from us plebeians :-)
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