Luxury.

Why would you ever buy an Omega worth Rs 7-8 lakh when a Rs 1500 watch will tell you the same time? In fact, you do not need a watch these days; click your mobile phone's screen twice, and the time will appear. So why would you spend a bomb on something that is practically redundant?

Because that Omega will make you feel good. Whether you want it or not or intend to or not, that watch will tell to people around you that you are successful. Spending on luxurious items is done only when the basic needs have been taken care of and now you have that scrupulous cash lying around. These items indicate the state of your financial position.

In the type of profession that we all are in, your positioning in society is extremely crucial. Luxury items help you do that.