Decades of research for marketing, branding and consumer behaviour seems to indicate that signaling to others is large motivation in buying decisions. Links between status signaling behavior based on expertise, need for status, and brand prominence seem to be significant.

People are not always consciously aware of their motivations. Something just makes them feel right and they rationalize other reasons to justify it for themselves.

Interesting recent research: Coming apart? Cultural distances in the United States over time https://www.nber.org/papers/w24771

>The brand most predictive of top income in 1992 is Grey Poupon Dijon mustard. 42 By 2004, the brand most indicative of the rich is Land O’Lakes butter, followed by Kikkoman soy sauce. By the end of the sample, ownership of Apple products (iPhone and iPad) tops the list. Knowing whether someone owns an iPad in 2016 allows us to guess correctly whether the person is in the top or bottom income quartile 69 percent of the time. Across all years in our data, no individual brand is as predictive of being high-income as owning an Apple iPhone in 2016.