There are different cultural manifestations of a love of luxury. The fashion victim is one who who’s identity is contingent on purchase and brand and thus the purchase has power over him/her. Status can be the legitimate display of identity/power but we see bling as a flaunting of a sometimes false identity or an over compensation via conspicuous consumption. Below right Slick Rick.
Globally we preference desires above needs. Below priorities in global spending, with the highest expenditure in the group being items like military and alcohol while aid to foreign countries for education and clean water are lower. See more at Globalissues.org.