Not at all. If anything, it's probably on the low side.
I'd bet almost everyone I know > $100k liquid net worth would never spend $500 on shoes.
If their net worth were exponentially higher, they might reconsider.
Personally, in my early days, there was no way I'd have dropped $500 on shoes with only $100k in the bank.
I waited much longer after that, but that is also a function of age and interest level.
Back then, I simply didn't give a shit about shoes, so I didn't spend much on them.
Makes me wonder if I had gotten bitten by the SF bug all those years ago, if I'd have splurged.
All depends on what a person can afford doesn't it? If buying the $500(USD) shoes means one's family is going to go hungry, or put one behind on HP or rent, or the electricity gets cut off, buying 500 buck shoes is probably not such a great idea. But then I've known people in the UK buy huge expensive plasma TVs on the never-never, and they yet can barely afford to feed and clothe their children, and are behind on the rent. Myself, I could afford to buy $500 shoes, if they where available, and not have to go without essentials. But I don't think they're worth it and are a unnecessary luxury. I think $30-$50 shoes can do the same job, and no one's going to really notice anyway. BTW I've actually received complements on a pair of oxfords I bought at the local market for 90RMB, that's like $15.