It's interesting because I don't invest in personal luxuries at all - but if you are someone that likes these things, then it makes a huge difference where and how you spend your cash.
for example - fine watches like Rolex and Tag Heuer can actually appreciate in value in many cases, while in most cases providing a form of capital preservation while also having the benefits of a nice watch.
but if you see someone in a brand new car, these are notoriously bad investments and a very poor form of capital preservation. in both cases, you might be able to buy something that allows you to "look cool" - but the impact on your asset management is materially different