Yes, I'm sure it's easy to sneer when you're a 17 year old boy living in your mom's basement and carrying out a pathetic charade of pretending to be a multibillionaire steel magnate. I have not seen M&S shirts but based on other department store shirts I have seen and my general knowledge of M&S' merchandise, I would be surprised if they did not have double needle stitching and plastic buttons. As for watches, they demonstrate the rule of diminishing returns more than any other clothing or accessories. Â It's easy to find a quality automatic movement for under $500; anything you pay over that is going for appearance or (more likely) name and perceived prestige. Â I purchased the watch I'm wearing today from Marinella for 360 Euro - I would put it up against any watch costing 2000 Euro, and I have the extra 1600 to spend on suits, shirts, ties, etc.
Steel magnate? What the hell do you mean? Basement - no sorry boss, the maids, butler, drivers, and security guards sleep there, and yes I don't know of many 17 year olds that don't live with their parents, so I don't see your point. Perhaps you come from a broken home. Good for your general knowledge - unfortunately you are wrong on both counts. In addition, I never knew it was a department store. Wow, you can read an Economics textbook, woo you. Unfortunately, you have misinterpreted the concept; DR is a concept for normal goods, not watches, which are not a normal good. Moreover, prestige is not perceived, it is a factor of demand, and has no link to either a de-merit good, or externality. Do not concern yourself so much with my life.