Not necessarily. Often it is the people with the most money who are the most frugal and don't see a value in owning a "real" bag when the replica is 80% of the quality and style for 1/20 the price.
after all, they generally didn't get rich by spending money. In fact, I've found the person most likely to carry the logo-covered, flashy, trendy designer bag is the person who is LEAST able to afford it, but the most interested in convincing others that she can.
Aha! I think you got a point there.