"Charities or other personal investments really are a better option than the bling. "
How do you put charities on the same level as personal investments?
If you make an investment you have something that theoretically might increase in value (as your example "spending money on property"). If you give it to charity you feel good but that's not something that's not something you can retire on or insure the financial well being of your family (or pay for your children's college).
My wife and I eschewed engagement rings or expensive wedding rings (her's was a little pricey, but from an artisan jeweler, but not a lot of bling), instead we opted for spending the money on property (not our main residence). At the least, despite ups and downs here in the states, it has held it's value.
Charities or other personal investments really are a better option than the bling. That said, some people like the material status comparison.