This explains a lot.
People care a lot about social status. In fact, research indicates that respect and admiration from our peers are even more important than money for our sense of well-being.
We feel pressure to display our status in new ways. This is why fashionable clothing always changes. But as trendy clothes and other products become more accessible and affordable, there is increasingly less status attached to luxury goods.
The upper classes have found a clever solution to this problem: luxury beliefs. These are ideas and opinions that confer status on the rich at very little cost . . .
UPDATE: link provided now.