Here is my attempt at a polite rebuttal (this has been edited to omit the grouch!):
The appeal of Pandora bracelets, IMO, is that the wearer can become the designer of a personal piece of jewelry. This bracelet can be built all at once(and look amazing) or a little at a time (and look just as amazing), depending on the budget of the purchaser. This bracelet can be sentimental, fun, eclectic, or carefully planned to achieve a particular look.
I am drawn to Pandora because I can start with a small investment of $50 (US) and over time, create a bracelet worth much much more (monetarily and sentimentally.) For some, the spending of $25 for a bead may seem silly, but for the cost of a cocktail, a movie ticket, or any other one-time-experience, I get a bead the commemorates a moment, vacation, or smile for me.
Rather than purchase jewelry I won't wear or forget about, I choose to buy Pandora. Instead of subjecting my family to the "horrors" of finding me the perfect gift, I direct them toward beads for my bracelet and my family thanks me for this over and over, as I thank them for their generosity.
We all know that the mark-up on retail jewelry is huge, yet we enjoy it anyway. I have made it my own Pandora Mission to find ways to get my beads at a lower cost, whether I use Ebay, private sellers, or Pandora promotions.
I don't consider Pandora an expensive collection because the purchaser can choose how much to spend at one time and still add to their bracelet to make it new again! If I were to buy an entire bracelet at one time, it would be a huge investment, but a bead here and there, every one in a while, works for me!
I suppose I could have worse vices...alcoholism and tobacco usage come to mind, but I choose to buy an occasional Pandora bead for my bracelet.