I think you nailed it. These products are about feeling good and honestly I think they do more for humanity than people who sell guns or ads or coal. There are

I think you nailed it. These products are about feeling good and honestly I think they do more for humanity than people who sell guns or ads or coal. There are of course good points above in that the iPhone has significantly more functional utility over replacement than a luxury handbag or luxury spirits (I would argue that some of LVMH's cosmetics products such as those from Sephora or Fenty actually do provide differentiated utility). Another side of this is that these luxury retail companies are not run by a bunch of silly, unsophisticated people. They have absolutely savage businesspeople at the helm, and they run very sophisticated logistics in addition to the fluffier branding (which I'd argue isn't even fluffy, they are literally the best in the world).