Status shopping is very much alive and well in the US. Go look at the line outside Gucci and Chanel stores in wealthy areas on an average Thursday.
There is a lot of pent up demand post-pandemic. IME the “tech bro” outfit of wearing Patagonia and jeans is pretty limited to Silicon Valley and Seattle - head to Miami and the crypto set is in head to toe designer with the flashiest supercar they can buy.
Just different sets of people.