I prefer to buy higher quality lower cost items when available, and avoid paying a premium for name brands. Reliability, durability, and design are more important to me than the label. Not that I deliberately avoid name brands, as some have a well-deserved reputation for value or better parts availability, but I do like to shop around first.
For instance, I just bought a new watch for $20. It's lighter, more accurate, more durable, and in my opinion better looking than similarly featured watches costing many times more. Can I afford something more expensive? Yes. Would it make sense for me? No. And I'll probably keep it forever. Some higher end purchases can be justified on the basis of "buy nice or buy twice", but for other items the cons outweigh the pros. A lot comes down to what it's worth to the buyer. For others, it might be worth spending more. I try to be sensible with most purchases, preferring to save and occasionally splurge on hobbies and interests.
When I go grocery shopping later today, I will mostly opt for store brands or generic items. If they're on sale and unlikely to spoil, I may also stock up on certain things. Unfortunately, I tend to neglect coupons. That's one area where I have room for improvement.