Ok, slight exaggeration but think of the good you could do with that money rather that wasting it on a watch.
Yeah, but the more a person can afford to buy such items, the better prepared they are to give back to the community. So, I don't begrudge such purchases.
What I have a problem with is when a person clearly cannot really afford such an item, but so deperately want to appear "rich", that they will buy something like that and then feed their kids Ramen noodles.