Hasn't it always been this whether it was about your grandfather's Oldsmobile or your powdered wig or the shiny rivets on your's horse's harness? A certain group of people will "belong" by their conspicuous consumption.
DW and I like a few nice things in our life but I don't think either of us buy these things to "belong" or to advertise our spending power (didn't say wealth since debt allows spending).
We just like having a comfortable bed, a comfortable car, tasty food, etc. I think we are very rational people.