You’re quite right regarding the purchasing decisions made by some rich folks. Through my wife, I’ve learned a bit about these people. You can be sure that those taken in by this con were, as the papers note, almost exclusively the children of those who created wealth, rather than the wealth-creators themselves.

There is a great distinction between the two: while the creators of wealth have little need to impress others with trendy items, their offspring have a much greater need. Since the ‘chaebol kids’ are often not able to impress others by their accomplishments, they try to do so by showing that they are savvy to current trends, and knowledgable about quality. Obviously, as this example provides, that is not always the case.

To be sure, the really rich purchase their share of luxury items, but you will not see them at the DFS. They shop during the week at the luxury-brand shops, and even in department stores on occasion. They often dress down - little makeup, non-stylish clothes. Nice clothes, makeup and/or jewelry are worn elsewhere.

When they shop, they buy things of true quality and beautiful design. They will buy items that are extremely expensive, but will also buy small, inexpensive ones - the key is how the item strikes them. They have little need for the validation of others, so while they are interested in the advice of sales staff, they do not need their flattery, or seek their approval.

Their children, however, are a little different. They follow the same shopping pattern generally, and will sometimes even shop with their parents. The difference, however, is that they are sometimes concerned with how others will perceive their purchases, in a way that their parents never are. Some want(as many less well-heeled consumers also do) to be assured that their choices are ‘wise’ or ’savvy’, and demonstrating of having good taste. They very rarely buy inexpensive items, regardless of how well-made or well-designed they may be. That, so they think, demonstrates good judgement on their part.

*No animals were harmed in the writing of this comment.

BTW, in horology, think ‘regulation’, not ‘rule’.