True but there is more. To go deeper on this you can check Signalling Theory. https://en.wikipedia.org/wiki/Signalling_theory

Spent, Geoffrey Millers' book is a fantastically good reading on this subject. You would be surprised on how much that theory can explain and predict. https://www.amazon.com/Spent-Sex-Evolution-Consumer-Behavior...

Great book. If you like that (or really, even if you don't), I'd also recommend "Spent: Sex, Evolution, and Consumer Behavior" by Geoffrey Miller.

It goes into the more general evolutionary psychology behind why anyone buys anything. I particularly enjoyed his early anecdote about what early humans would think if you tried to explain to them our concepts of 'money' and 'shopping'.

http://www.amazon.com/Spent-Sex-Evolution-Consumer-Behavior/...

*Caveat: I haven't read many other books about consumer behavior, so I can't say how good this is relatively speaking.