Merino Clothing (base layers, etc)

It is. A bit. But when you've had two winters worth of wear out of it and will probably get another one at least then it's remarkably good value. Albeit at a price.

Whenever my wife buys something pricey she tells me it's all about 'cost per wear', think I'll go on a shopping trip to Rapha (condor) and try the same thing on her.