Then those competing at top level will be the only ones riding a bike other than your typical BSO?
None of us Need anything more than your big standard bike. That's fact, no question about it. We would all live in huts that provide just enough warmth, shelter and security and would only earn enough money to simply exist.
Everything above this is a want, and this is what makes us human, surely.
Personally I think everything is relative. If you earn £20,000 a year and spend £200 on a pair of wheels, then it's no different to earning £200,000 and spending £2,000 on said wheels. In fact, I wouldn't go as far as it being linear. Once you have covered you monthly bills, the percentage of disposable income is probably hugely bigger when earning £200,000 than it is at the £20,000 level.
It all boils down to a simple set of rules.
Do I need it?
Can I afford it?
Will I use it?
Would I sacrifice something different for it?
2 Yes answers to the first set of questions means I don't ask the second set of questions. Similarly with 2 No answers.
1 Yes and 1 No results in me moving to the second set.
The second questions are sequential. 2 Yes'es and it's a done deal. A No on either stops me dead. The last one is where I usually agonise.
Value for money doesn't always factor for me, where 4 Yes answers come in. Desirability can outrank value, as we all know. The only thing I always have to do is to shop around, in order to get the best possibly price at the time!
If you want something, that you can afford after working hard, and that doesn't harm anyone else in the process, then who cares whether it's value for money? Moreso, who cares whether someone else thinks it's a waste of money?