In fact, it is not a very good idea to accept that. You will be labeled instantly as "provider", not as a "lover".
Most women that have "providers" also have "lovers" and usually it is not the same person.
That is a lesson that I learned long time ago, when I met a very successful with women man, that actually treated them very badly. He had the mentality that it were women the ones that should prove their value to him.
Over the years I met other people with the same mindset, and even started applying it somewhat myself. I am physically attractive and educated, but I also was for some time too much polite with women, putting them on a pedestal for being successful with them.
The most attractive thing for women is character strength. Also things like being a world traveler helps a lot. You can be penniless, if you have those two things, attracting all the women you want is no problem.
Reducing that to "but many women will still want something expensive "just so that the man will prove that she matters to him by buying her something"" .... this is pure sexism.
But there are differences in the sexes with regards to the process of conceiving and rearing a child. And it seems to me that a big part of our social constructs that were developed to deal with those differences can be reduced to "the man doing something expensive and hard to fake". Which isn't really that different from "the man proving she matters to him by buying something".
Women will either move to more expensive diamonds or request something else. Business opportunity for someone with good PR just like how diamonds were pure PR and before that no-one was using them.