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I guess I'm a little less surprised than you.
I once met a guy in Miami who spent 70% of his after tax income on a timeshare of a yacht. He had a fake Rolex on his wrist and lived in a run down apartment out of town. When I asked him why he spent so much money on the right to use a yacht (while moored as he couldn't afford fuel) for a few hours each month, he told me that he just wanted to look successful and if he looks successful he will become successful.
Extreme example but its a mindset that is more widespread than you might think. Miami is probably the global hotspot for it.
If you dont understand the fake watch industry, you don't understand how the watch industry thrives from the concept that owning certain watches is a sign that you've made it. It's also a reflection of rampant consumerism...People see displays of wealth as success.
People aspire to look wealthy. It's sad but its part of human nature I think.