Every time people make fun of luxury products I wonder what cars they're driving: 20 year old clunkers? What shirts they're wearing: $5 for a 10 pack off Ali Express? Burlap sacks? Are they typing on $5 cheap unbranded keyboards? Of course not.

Hell, their computers probably cost twice what most people would be willing to pay, even though 90% of the time, they're doing little more than surfing the web and checking emails. But since it's something they're interested in, luxury is justified.

usually you spend a lot more in what you are highly involved in. Your comment is spot on.

Well, value is only what someone will pay for it. Usually it goes hand in hand with scarcity but often propped up by brand (eg if you didn't know it was a Hermes bag, could it demand the same value?)