The financial consequences of being a wine snob are far greater.
I think it’s mostly bullshit, frankly. For normal family meals, I simply won’t pay big dollars for wines that are priced due to “regional prestige”. There is plenty of of good wine from less famous regions, including old world, that are excellent and inexpensive. I call them my “shoulder regions”, or even countries:
France: Languedoc et Roussillon
Italy: Sicily
Portugal
Austria
(Question: any views here re: Croatian wine?)
There is, of course, Argentina and New Zealand among the New World products.
Another idea is to, say, get IGTs rather than DOCs from the same region. We just had a Toscana blend which was better (and cheaper) than most Chiantis.
Finally, bubbles. Champagne is insane. Get a crémante from Loire or Burgundy. Or cava, it’s a fraction of the price and perfectly serviceable.