“Is an expensive Rolex still desired by many?”
It’s a really good question. It’s interesting how technology has changed so many things that were/are considered luxury items. Most average automobiles made today have markedly better safety features, better performance, and luxury items/features that put to shame a Rolls Royce from 40 years ago. Even a cheap phone that sets its time via the network is more accurate than a Rolex.
Another product I wonder about is the portable radio. I probably use my phone as a radio more than anything else., even in the car when there are limited broadcast stations with anything I care to listen to.