Topshop leather cross body bag

You're probably looking at this purple leather, oversized bag from Topshop thinking, This bag is an average leather bag, why would you feature it? And you'd be right, there's no denying that this is quite nice but nothing to write home about, right? It's from Topshop which is a High Street store where you can pick up plain t-shirts and vests for under £10, so can someone please explain to me why this will set you back £120?
It's made of authentic leather and it is big but surely nobody wants to pay that much for a bag on the High Street? What do you think? Would you pay this much?