Ok so I'm the same, although I don't spend on gifts for others. I liked the idea of an Apple Watch, but thought it was a frivolous waste of money. But then I wanted something to record my swimming workouts, because trying to remember lengths proved very difficult and I'd inevitably lose count. Basic fitness trackers with (decent) swimming functions were still quite expensive. Then the Apple Watch offered such a feature. There were a couple of other features too that appealed, I can't remember. I bought one telling myself it was a 'toy', and definitely a luxury. But in use, I found the Fitness app actually helps me to pursue fitness, as it shows just how active/inactive you are. A constant kick up the bum, if you like. I found myself actually making more of an effort to keep healthy, because there's this constant little nagging thing on my wrist. So I'd say it's been a positive, overall, and I'm glad I bought it. I think it has been good value, becaue it's enabled my to keep tabs on my activities, and to act as a motivation to push a bit harder (gotta keep getting those rings!). So it's been of benefit to my health. Another unexpected (because I didn't know about it until I discovered it by accident!) benefit is that you can answer calls just using the watch; this proved invaluable when out and about, especially riding a bike, or whenever I can't conveniently get to my 'phone. Very useful indeed. The contactless thing with cards is also very useful; I live in London so it's good for using the Tube ticket barriers and buses etc.
It's still just an expensive toy though really. I don't 'need' it, it's just nice to have.