Have to say, I have never understood why people see fit to spend this sort of money on a watch. A ten quid Casio will tell the time fine, and the most expensive watch I ever had was one of those self adjusting ones linked to an atomic clock, which was fifty quid (and a birthday present). Once had someone try to sell me an expensive watch in the street, claiming it wasn't stolen, and it was of no interest to me because it was analogue.

https://www.theguardian.com/tv-and-radio/2023/dec/05/hunting-the-rolex-rippers-review-these-brutal-watch-thieves-are-totally-remorseless?utm_source=press.coop

Hunting the Rolex Rippers review – these brutal watch thieves are totally remorseless

This investigation into the rise of violent muggings shows teens who genuinely seem to hate their rich victims. It’s a skilful – if far too brief – look at a hugely lucrative crime

The Guardian
Not to mention the sheer crassness of walking round with a watch worth a good chunk of the average annual wage on your wrist during a cost of living crisis.
@matthewbdaly Because of appeal to authority and bad prioritization. Some think it will lift their social status if they show it to others. They assume it looks like "I could, can you?".