Sure, even if we ignore the sneaker thing. You've always been able to buy fancy dress shoes and boots for a lot of money. Granted, getting to thousands plural is a sure sign that you've gone over into excess, but...

The kind of weird thing with the "sneaker drop" phenomenon, as I understand it, is that it's shoe companies releasing fairly small batches of all their products at not-insane prices, and there being a fully developed secondary market of shoe reselling where the demand-based price inflation kicks in.

People spend thousands on a dress, a bottle of wine, a watch, a handbag, an engagement ring, and many other things.

Oh wow you are in for a surprise!