Since youth coming from rich families can easily afford costly items of luxury, gradually, a competitive attitude grows among people to acquire most famous and acclaimed items like perfumes, watches, goggles etc.
Rather than collecting items for showing their economic worth, youth coming from middle class families are more inclined towards obtaining the items which, apart from being serviceable as symbol of status, should be able to pay them back the price paid for them by their proper utilization.
The article (Neelakantan,1999) describing American youth writes "Changing luxury spending patterns like this aren't unusual among today's new affluent shoppers who didn't inherit their wealth and didn't necessarily grow up privileged. Many have made their money in technology, through entrepreneurship or because of sheer talent in the sports and entertainment fields. And while this new crowd is probably spending more, it is taking the conspicuous out of consumption--showing less, with more style."
Edwin Colyer (2005,That's rich, redefining luxury brands) writes "However you want to define luxury, though, one thing is certain: it is now commonplace and affordable. ...