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Lol no. You are acting as junior associates make that much money for there to be even peer pressure.
Yes, there indeed is peer pressure. There is a view that you are inferior if you don’t buy high-end brands. People constantly look at your watch, your mobile, your glasses…. always judging you. Also, there is a perception (right or wrong) that girls only want to date guys who drive expensive cars.

In my own case, I wear the cheapest brands possible and drive a cheap second-hand car that is nearly 10 years old. I am looked down upon and girls ignore me, but I am not bothered. I save every paisa I can and invest in financial instruments and shares. I have made a nice stash this way and my parents have also contributed to my stash. After I hit a certain amount, I will quit law firm life. I’ll go back to my hometown, run a small business and spend every evening playing badminton, reading good books and watching good movies. That’s all I need in life.
Which firm is this man? How do you guys even have so much time to discuss brands? What about deliverables? Unless you take long lunch breaks to discuss brands? And what about girls etc looking down? Firms are not exactly social hubs, where you get the time to keep having discussions? Do you have a light team with lesser work or something?
My Boyfriend was also once an A0 at a Tier 1. He lives in a 4BHK in South Bombay with his family. He has his family business which does very well. Despite that, he drives a 5 year old WagonR, Has used the Iphone 7 for 6 years, he only recently bought a 14 because it was required for business purposes. Does not fall for any peer pressure to buy Jordans or a Rolex. He is more than happy wearing a Titan or a fossil. He's the happiest soul I have ever met. When we go out for dinners with friends while everyone discusses, their flashy cars or expensive drinks, he talks about stocks or business oppurtunities.
Follow YouTube channels on fashion. They’ll tell YouWhich brands to buy and which ones scream n00b. Same for watches.

For cars, my view is that you don’t spend too much early career.