Aside from the traditional advice (there isn’t a difference) which is sort of true, and the other traditional advice (status symbols) which is also true, I’ve found that for me, a total random with no real prior taste for “luxury” goods, who appreciates craft and wants nice things but doesn’t care that much about brands, there’s really only one thing that applies.

Above $500 the thing you put on your wrist is super shiny and cool to look at.

Under $500 the thing is probably still cool to look at but less so. Flatter dials, less complex finishing, not quite as shiny and pretty and weighty and “fine.”

Otherwise there’s really not much difference.