Wow this is a really open ended question with the potential for some serious fireworks, LOL. That being said, I'm fairly confident that I can answer honestly without offending anyone though so I guess I will give it a go.
Handbags are a high priority for me emotionally (meaning I want and love them), but fiscally not so much. In our lives (mine and DH's, I mean), our major expenses for the past 2 years have been our house and our fertility journey. I haven't mentioned either here on the forum much, but we have an antique farmhouse we're in the process of restoring, and that's both expensive and never-ending. In addition, we're well into major fertility treatments, attempting to have our first child. That's even more expensive on an ongoing basis than the house renovations, at roughly 1 croc Birkin a pop, and much more heartbreaking at times. So, while I would love to spend $xxxxx on bags per month, I just can't because of our other priorities.
Past that, we both basically are interested in the same things: raising our someday kids in the very best possible neighborhood/schools; vacations when and where we want; newish cars that meet our basic needs with a modicum of luxury, but they don't have to be status symbols necessarily; clothes when we need or want them; a nice jewelry piece here and there but nothing befitting the royal family, and so on. We do have nice things, but we definitely don't live above our means, ever. We're pretty conservative people when it comes to money.
It helps that I don't feel the need to buy designer clothing "for the season" three or four times a year--I am quite happy with fewer very simple basic but well made items, which tend to last longer anyway. And besides, my little fat self won't fit into most high end designers, so that helps with the clothing budget too! LOL! I like jewelry but only really in a passing sense because I have the basics that make me happy--engagement/wedding ring, a watch or two, diamond studs, pearls, and a diamond cocktail ring & a couple of bracelets. I do spend money on shoes, but frankly that's kind of the dog's fault because he finds them all too often and eats them.
I guess what it boils down to for me is that other than bags, I pretty much have everything I need or want in terms of material goods because my needs just aren't that high. We live a pretty simple but comfortable lifestyle and materially speaking, thank God, nothing is really missing.