"If they have more money, they are willing to pay more."
That's like totally wrong. Goods provide some value to the customer, and that determines what they are willing to pay for it. If I wake up a millionaire tomorrow, that doesn't mean I am suddenly willing to spend $500 the same haircut that was $50 yesterday.
> Goods provide some value to the customer, and that determines what they are willing to pay for it
Very often customers will pay twice as much or more for the same or equivalent good that delivers the same value, you're local grocery store will show some examples. People will often pay 5x more for brand name items over white label ones. Stores will very regularly discount some items to take advantage of price discrimination, people not paying attention to specials are effectively paying twice as much for the exact same items. If you go to a different grocery store in a wealthier/poorer area you'll see the exact same items at different price points. These are all ways companies will maximize profits because people willingly pay more for the same items.
Once you are a millionaire for a few years your brain requires itself around value of time.
I’m not a millionaire but I’m certainly well off, and I just happily overpaid for lumber for a project. At prices that three years ago would have made me cancel the project. Not because I couldn’t afford it but because the perceived value wasn’t worth the price.
That's like totally wrong. Goods provide some value to the customer, and that determines what they are willing to pay for it. If I wake up a millionaire tomorrow, that doesn't mean I am suddenly willing to spend $500 the same haircut that was $50 yesterday.