[publius_]

Counter-signalling partly explains why pure status symbols are not among Gen Z. Taste, or aesthetic sensibility, is also an explanation. An expensive watch, such as a Patek Philippe, is still status since it's durable – to be passed on. A Mercedes? Not so much.

I also agree on your last point. Most young people today are unable to afford a home, or even pay off college debt. Wealth distribution is increasingly fat-tailed.