Geography has a lot to do with it also. It is not uncommon for me to be at my local sushi bar, or bar and see a Panerai, AP, Rolex, Breitling, etc... ~Most actually genuine. I see at least one Panerai per week on the street. Granted, I am in a major metro area that has not been impacted by recent economic events. If you live in the suburbs or rural area, yeah, you may never see something like a Panerai in your town.
Age as well. I know many a >40yr old sporting GEN $$,$$$ watches wearing their Levi's 501, and New Balance shoes and T-Shirt from Target. With age comes a certain wizdom, and confidence that says I can be who am I with no pretense. I would NEVER assume a REP based on that.
Still. Seeing a 20 something getting out of a primered 1991 Honda Civic wearing a Rolex Daytona makes me take pause and assume a rep...