If I had money and was looking for a high end toaster, I'd pay $200+ for a European toaster like SMEG. It'd be more for the aesthetics than the functionality.

When you're paying that much money for a functional item, you're buying into a story. When you have a SMEG appliance, you're buying a sophisticated identity and a conversation piece. You're telling people you appreciate Dieter Rams type industrial design.

Somehow a Made in Michigan toaster doesn't have the same cachet. Neither do Black and Deckers or Cuisinarts.

(that said, Breville from Australia is getting away charging $200 for its toasters)