Wife wanted to go get a $2,000 watch.
I don't usually get her anything so I thought yeah I will get her something special this Valentines. Drove to the CBD and saw a long queue outside Hermes, LV, Chanel. My wife told me there was a even longer queue outside Rolex. And my wife told me the purse and bags etc would easily cost $5k and above.
I thought everyone would be cutting back on expenses given the uncertainty but where are all these people getting money to spend on discretionary luxury goods? Not saying it is bad but where do these people do to be able to afford such luxurious lifestyle. To put it in perspective, I wear a Hush Puppies t-shirt (was a gift) and a brand-less short pants, I have been using iPhone 8 with shattered screen for 1.5yrs now. Been living frugally since entering workforce and I still feel I am very poor. When I step outside my home, my personal belongings on me might be worth $100-$200 max.
Any idea anyone?
@Brick Tamland:
Right, I'm arguing that while the mechanism is of great expense (skilled labour, precision machines, etc), it has little intrinsic value.
We have global satellite navigation systems that give your location accurate to a couple of metres, and the time accurate to extremely high precision (nanoseconds?). Probably everyone reading this website has access to same in their pocket all the time.
A clever mechanical timekeeping mechanism was hugely valuable in the days of first solving the longitude problem, but not any more. I guess you could argue that it has intrinsic value in that it may keep working after a nuclear/space war…