I see plenty of chicks still very happily carrying Louis Vuitton purses, plenty of dudes wearing watches that cost thousands of dollars, and the local Lexux/BMW/Audi/Mercedes dealerships show no signs of closing. To adorn yourself or try to live a more lavish lifestyle than your neighbor is part of human nature. That said, everybody tries to put the best face they can on their circumstances. If they can't afford a Mercedes, they're too proud to admit they want one -they'll condemn 'senseless materialism' and try to convince themselves that they are really happy with their old Chevy Cavalier.
Moreover, since the French Revolution, really ostentatious displays of wealth have been considered gauche. (Too much associations with the old monarchy and aristocracy.) Instead of wearing a suit with sapphire and emerald buttons, guys nowadays give control of their money to their wives, who spend it on gourmet coffee pots and kitchen-aid stand mixers, so they can one-up their mothers and their coworkers. Everyone dresses very shoddily these days, because of our egalitarian sensibilities and the institutionalized hippy culture, so among the younger demographic who don't have mortgages yet, boys would rather spend their money on video games, and girls would rather pat themselves on the back and outdo their friends by going on some spiritual journey of enlightenment and international aid to Nicaragua, where they can feel good about themselves for handing out soup or whatever.
Moreover, since the French Revolution, really ostentatious displays of wealth have been considered gauche. (Too much associations with the old monarchy and aristocracy.) Instead of wearing a suit with sapphire and emerald buttons, guys nowadays give control of their money to their wives, who spend it on gourmet coffee pots and kitchen-aid stand mixers, so they can one-up their mothers and their coworkers. Everyone dresses very shoddily these days, because of our egalitarian sensibilities and the institutionalized hippy culture, so among the younger demographic who don't have mortgages yet, boys would rather spend their money on video games, and girls would rather pat themselves on the back and outdo their friends by going on some spiritual journey of enlightenment and international aid to Nicaragua, where they can feel good about themselves for handing out soup or whatever.