I shudder to think ... it is a problem not only in the photographic world but also in every facet of Singaporean mindset.
You and I would definitely want the best photos at whatever cost but sadly the majority of Singaporeans don't share that sentiments. To them it is just one of the "must have" and it is chuck in the storeroom after the novelty wears off. Don't believe? Ask any stranger in a hawker centre.
I don't think it's a "Singaporean" thing. (How come Singaporeans tend to bash themselves or identify themselves with many social phenomena? These things happen in every other part of the world also.)
It's certainly true that the pictures are chucked in the storeroom. Why not? In the case of wedding albums, I haven't seen anyone who will blatantly place them in the living room or even bedroom to admire everyday. Who will do such a thing?! Perhaps only the newly weds. It's a natural thing; you want to make space in your home and get on with the daily affairs of life.
The only problem is, it is often human psychology that gets in the way of us. What do I mean? Has anyone often bought stuffs (souvenirs, whatever) when traveling, only to realize upon reaching home that those stuffs are just rubbish waiting to collect dust? Has anyone ever bought cameras or lenses with such excitement only to find weeks or months later they are not useful at all? (No surprise why in the B&S section people are selling stuffs less than few months old.)
The way our human minds work is that, we get influenced easily by the people around us, the mass media, our environments, the situation we are put in, etc. We buy and do things on the spur of the moment, or feel like we cannot lose out to the Tom, Dick and Harry around us.
So in weddings, some couples go thru elaborate procedures to sign up for expensive gowns, glamorous dinners, and of course, expensive photography. There's nothing wrong with these. After all, it's not always they get to experience their own wedding (I hope!). But very often, they spend way beyond their means. That's where to me, it's not wise or that it's wrong. (And why should the guests be made to bear the costs by forking out $150 or more worth of ang bao just cos the couple have chosen some posh hotels with usually lousy foods to hold their dinner? I totally disdain this practice.)
So as far as weddings are concerned, some couples will spend like $10k just on photography. Much more than what they earn individually. They think they want good quality stuffs. But I'm not sure if they realize what they want is just a photographer who can record their weddings with a reasonable standard and who charge much less.
A lot can be said about how one should preserve wedding memories through photography. BUT, ultimately, the albums certainly get chucked in the storeroom. It's just another event in your life. Like birthdays and graduation. Life will have to go on.
To me, what's important is spending within your means. And thankfully, that's where the free-lance and semi-pro photographers come in. Not every couple will (and rightly so) want to spend big money on photographers to capture a day's event (no doubt it's an important one) which will soon pass.
As to the competitive nature of the market, we have to thank (or blame?) digital.